IGNIS Moving Again After Period of Accumulation
Some have asked me about Ignis.
The elevated Bitcoin dominance has kept altcoins, including IGNIS, searching for newer lows. But during the past week IGNIS showed more movement with higher volumes and gave more information to start looking for trends and patterns again.
We can see a quick push through the MA200 and over the cloud. A descending channel formed on the correction (dotted blue lines) and I anticipated support at .00000295 (orange line). Instead IGNIS stopped and moved sideways in a brief accumulation and then turned up. This looks like it could be setting up an ascending triangle (purple lines).
The MACD is poised for a crossover. Will the triangle hold? If it does, IGNIS will be moving above the cloud and above the MA200. A breakout, one way or another would happen within a few days. Let's keep an eye on fundamentals and BTC dominance as both play a key role in the price action of IGNIS.
This is not trading or investment advice. These are my observations and I'm just having fun!
The elevated Bitcoin dominance has kept altcoins, including IGNIS, searching for newer lows. But during the past week IGNIS showed more movement with higher volumes and gave more information to start looking for trends and patterns again.
We can see a quick push through the MA200 and over the cloud. A descending channel formed on the correction (dotted blue lines) and I anticipated support at .00000295 (orange line). Instead IGNIS stopped and moved sideways in a brief accumulation and then turned up. This looks like it could be setting up an ascending triangle (purple lines).
The MACD is poised for a crossover. Will the triangle hold? If it does, IGNIS will be moving above the cloud and above the MA200. A breakout, one way or another would happen within a few days. Let's keep an eye on fundamentals and BTC dominance as both play a key role in the price action of IGNIS.
This is not trading or investment advice. These are my observations and I'm just having fun!
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