Wings DAO Hitting Support Area
Fibonacci applied to the last two corrective waves up shows that currently Wings DAO has entered the support area between to 127.2% retracement levels. this is the area between $0.23 and $0.26. At the same time WING/USD has reached the area between two downtrend trend-lines, but currently trading above them.
This is a strong support area for Wings DAO which, if rejected, could be turning point for the trend. WINGS could start reversing to the upside and potentially reaching the previous key resistance, the psychological level at $1.
However, the downside risk remains, and price could reach the psychological support level at $0.2 before and if trend reverses. Therefore it could be better to wait for the uptrend confirmation, that could be the break above the downtrend trendline.
This is a strong support area for Wings DAO which, if rejected, could be turning point for the trend. WINGS could start reversing to the upside and potentially reaching the previous key resistance, the psychological level at $1.
However, the downside risk remains, and price could reach the psychological support level at $0.2 before and if trend reverses. Therefore it could be better to wait for the uptrend confirmation, that could be the break above the downtrend trendline.
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