EnergyCoin Upcoming Wave UPEnergyCoin 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.
ENRGUSD
EnergyCoin Returned To Support AreaEnergyCoin has been bouncing off the uptrend trendline as well as 200 Moving Average for an extended period of time and recently has spiked up as expected. ENRG/USD went all the way up to $0.55 from $0.07 support, resulting in over 600% growth.
Price corrected back and currently is rejecting the downtrend trendline which previously acted as a resistance, but this time it is the support trendline. Price could jump up again as EnergyCoin continues trading above the 200 Moving Average and above the $0.13 support.
It could very well produce the double top near $0.5-0.55 area after which the consolidation period could start. But break above that area could invite more buyers, sending price even higher. There are two support levels that should be watched closely, $0.13 and $0.07. EnergyCoin could still range trade for a little longer and even get back to $0.13 before going higher, but only break and close below $0.07 could invalidate bullish outlook in the short-medium term.
