Well, the altcoin is new to the market and, for now, it has experienced a nice correction. So, it would be a good idea to consider buying it around 0.786 on the Fibonacci retracement level (the price is approximately 6.2) or at the first support level, which is around 6.6. Additionally, there is moving average on the 1-hour and 4-hour charts. While this may not hold significant weight by itself, it does provide an additional argument in favor of buying at those levels.
Trade active
The first try 6.6, let's goNote
fixed some at 12% of profit, niceTrade active
Double bottom. One more Long from 6.6 :)Note
1-hour candles indicate that buyers are still weak. The main resistance is at 8.0Trade active
3rd bottom? One more longNote
Be cautious; the buyer is still weak until we break the local resistance at 7.2, which requires an impulse. It could potentially drop from 6.6 to 6.2, and if there aren't enough limits to support it, we may see the price go even lower.Note
You must have already 10% of profit, if not, what are you doing here ;)Note
I'm glad I've fixed this at 10%. Another breakdown, as I wrote earlier ;PNote
If buyers can't hold the 6.2, then a drop to $5 is possible, as this currently the nearest strong support.
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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.