Long
SLR continuing steady growth and proves to be a solid investment
Updated
First a little background on the coin: Solar coin is a project which gives a coin (SLR) for each decentralised produced MegaWattHour of solar energy. Depending on the country and B2B or B2C, this can go for anywhere from 50 to 250 dollars. The coin is currently rated at about 2 dollars.
Having told you the background, we can go into what we see and what we know!
Although solar coin has shown some more volatility after its breakout a couple of weeks ago, the technicals AND fundamentals indicate a steady growth for the weeks/months to come.
Why?
1) The growth pattern of the past week has been perfectly between an strong, upwards support & resistance level.
2) The resistance and support on the highs and lows is almost equal to the Fibonacci retracements.
3) The MACD and CCI on the daily show a strong upward trend.
4) The product is getting more and more used by real utility companies.
Having told you the background, we can go into what we see and what we know!
Although solar coin has shown some more volatility after its breakout a couple of weeks ago, the technicals AND fundamentals indicate a steady growth for the weeks/months to come.
Why?
1) The growth pattern of the past week has been perfectly between an strong, upwards support & resistance level.
2) The resistance and support on the highs and lows is almost equal to the Fibonacci retracements.
3) The MACD and CCI on the daily show a strong upward trend.
4) The product is getting more and more used by real utility companies.
Note
The recent market correction made SLR break its support causing a severe decrease in value. The support becomes the new resistance.
Once SLR breaks its resistance, I expect us to be back on track.
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