OpenBlock

CLAM vs Bitcoin Increased Volatility

Long
Recently CLAM has been trading under the increased volatility and on the 24th of June price produced a spike in both direction, up and down, with the range of 75%. Prior to the spike, the double bottom has been formed at 36180 satoshis, although after the volatility price failed to close below that support level .

Today CLAMS/ BTC gained over 15% and went from the 36180 support up to the current price at 40800 satoshis. The interesting point is that CLAM is trading right at the downtrend trendline and produced a high at 42323 sats . Break and close above this resistance should push price further up towards the 61.8% Fibs at 47k satoshis.

If that resistance is broken, further uptrend should be expected, this time it could rise towards the previous high at 60k satoshis. And only break and close above that resistance could suggest the beginning of an uptrend, rather just a corrective wave up.