We can see that there is a good wedge that is formed on the lows and that the all time high also has been respected for now. It will be a challenge to know what it will do now. It can stay in the parallel that you can see on the chart and make new highs or it could drop under the wedge and than we could see a good size drop. The thing that is not looking very good is that there is not much volume in this asset at the moment. We can see that right after the big rise in mid march there was a lot of trading if we look at the volume but when we look at the volume now we can see that there is not a lot going on. So this could mean that the big volume players are still in the trade long. If that would be the case than there is even more potential for it to go up.
IN CONCLUSION:
For now I have no idea what it is going to do but it looks very promising. Going to keep an eye on it for sure.
IN CONCLUSION:
For now I have no idea what it is going to do but it looks very promising. Going to keep an eye on it for sure.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.