Salus Coin Triple Bottom FormationOn the 12th of July Salus coin has tested $21 support level, which has been rejected for the third consecutive time since 24th of June. The triple bottom has been formed and price went up breaking above the 50 Moving Average.
While the strong bottom has been formed and MA breakout occurred, the correction to the upside could be expected. There are several resistance levels to watch, first is the $32 area, where price bounced previously two times. Second is a 61.8% Fibonacci retracement level at $36. And final upside target is at 76.4% Fibs at $40.
The $40 price seem to have the most resistance as previously it already acted as the resistance and besides, it is a round psychological number. If/when this target is reached, the potential growth would be 60% from the current price, which is quite a strong growth, considering that this is a short to medium term opportunity.
Having said that, downside risk remains, but only daily break and close below the established low at $20 could invalidate bullish outlook and result in a continuation of the downtrend.
SLSUSD
Salus Trading at Strong SupportCurrently Salus is trading right at the uptrend trendline, that is $25 area. This is the area of the 88.6% Fibonacci retracement level and as can be seen on chart, it has acted as support and resistance multiple times.
The price could look attractive from the buying perspective, considering that the price at the strong technical support. Although it is yet to be seen the price action in the coming days. If SLS/USD manages to stay above the uptrend trendline, the price could start rising towards major resistance at $73, that is inline with the downtrend trendline.
But, on the other hand if daily close will be below the trendline, further decline is possible. Salus could drop further to test next support are, near $10 psychological level, and perhaps only then a correction up or a trend reversal could take place.
