Critical Support level reached
Updated
Price has reached a critical support level for the first time since August (just before it spiked to 894sats) and just like when it did eventually break that 800sat level within that month of August, it will again do so maybe within a week or two.
In the mid term (2/3 months) I expect the value to float between 470 and 525sats as the crypto seems to be in its most stable price zone since it's initial climaxing between March and June.
Long term (+4 months) is a bit hard to fathom. While this is a cryptocurrency that is based on a product that had a working concept since 2015 it's performance is entirely dependent on what groundbreaking adoptions and improvements it can make amidst competition from Syscoin (POLONIEX:SYSBTC), which--according to a few top contributors on Tradingview--is in a bullish position. Conversely, improvement from either service can drive the other up if their concept/idea has valuable real-world application.
- I'm predicting a small turn in the market based on how low the RSI has droped since it touched the over bought zone, and the previous time it did so; it has often made a minimum of 68% increase. Even when it did break this zone, it eventually made a dramatic increase of up to 145% so prepare for a short bearish period going as low as 320/344sats before an almost assured turn.
- I'm basing the timeframe on the rising volume which indicates that the market is about to experience some kind of turn.
- The target price was chosen based on the reaction since this crypto last reached this support level , it's last high was higher but since this is on an overall down trend I expect the next high to be a bit lower.
In the mid term (2/3 months) I expect the value to float between 470 and 525sats as the crypto seems to be in its most stable price zone since it's initial climaxing between March and June.
Long term (+4 months) is a bit hard to fathom. While this is a cryptocurrency that is based on a product that had a working concept since 2015 it's performance is entirely dependent on what groundbreaking adoptions and improvements it can make amidst competition from Syscoin (POLONIEX:SYSBTC), which--according to a few top contributors on Tradingview--is in a bullish position. Conversely, improvement from either service can drive the other up if their concept/idea has valuable real-world application.
Trade active
Trade closed: target reached
Actually got out at 869sats (i.imgur.com/aVLHqgL.png). Congrats to those that took the trade. I'll continue to monitor this coin because it has a lot of potential.
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