The downtrend is still intact even after the +100% from ATL to it's last high (+65% to current price tag). I am not very optimistic that it will keep staying above the daily MA50. If it stays above the next challange will be to get above the weekly MA20.
* It is possible that the price will rise over the resistance, that could also bring the trend above the weekly MA20
* Price can stay between ~ 35 and ~ 45 USD for a while in a sideway trend
* It is likely, especially if BTC and ETH dump again, that the bottom will be retested
* It is possible that the "maybe bottom" is not the bottom. Next bottom target would be ~ 15 to 20 USD in that case
As always, no financial advice, just my 5 cent.
* It is possible that the price will rise over the resistance, that could also bring the trend above the weekly MA20
* Price can stay between ~ 35 and ~ 45 USD for a while in a sideway trend
* It is likely, especially if BTC and ETH dump again, that the bottom will be retested
* It is possible that the "maybe bottom" is not the bottom. Next bottom target would be ~ 15 to 20 USD in that case
As always, no financial advice, just my 5 cent.
Note
The price is still in a range. Positive is the higher low, but it does not look like it will print a full candle as a higher high. At the moment it also does not look like it will be able to reach a price above 50 USD. I expect it to fall but as always just my opinion and no advice.Note
IMO the main downtrend is still intact, which makes sense considering the theorethical high supply with still low demand. Meanwhile the XCHBTC chart does not look that bad.
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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.