EnergyCoin Upcoming Wave UP
EnergyCoin has reached the all-time high, hitting $0.54, and corrected down sharply. The decline resulted in a 81% loss against the USD and was stopped at $0.1.
At the bottom, the RSI Oscillator formed the bullish divergence suggesting the upcoming wave up. Price started to move higher and broke above the descending channel, 200 Moving Average and 2/1 Gann Fan trendline.
So far all the facts are in favor of the potential growth, where the first strong resistance is seen at 38.2% Fibonacci retracement level, that is $0.27. Break above that resistance should result in more growth towards 50% Fibs at $0.32.
The question remains if ENRG/USD will break above first and/or second resistance because if any of them will be rejected, more consolidation could take place.
On a downside, current support is based at $0.13, but the price could potentially decline even back to $0.1 psychological support area. And only break and close below $0.1 should invalidate bullish outlook.
At the bottom, the RSI Oscillator formed the bullish divergence suggesting the upcoming wave up. Price started to move higher and broke above the descending channel, 200 Moving Average and 2/1 Gann Fan trendline.
So far all the facts are in favor of the potential growth, where the first strong resistance is seen at 38.2% Fibonacci retracement level, that is $0.27. Break above that resistance should result in more growth towards 50% Fibs at $0.32.
The question remains if ENRG/USD will break above first and/or second resistance because if any of them will be rejected, more consolidation could take place.
On a downside, current support is based at $0.13, but the price could potentially decline even back to $0.1 psychological support area. And only break and close below $0.1 should invalidate bullish outlook.
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