On the 27th of June, Moeda found the bottom at USD 0.37, where it rejected the lower trendline of the descending channel. Price then went up and broke above the 50 Moving Average ,although the upper trendline of the descending channel was rejected.
MDA/USD corrected down and found the support at 61.8% Fibonacci retracement level, that is USD 0.48. And today, after bouncing off the Fib support, price went up and broke above the 50 Moving Average and the descending channel, suggesting further correction up.
The very strong resistance is seen at $1, that is a key psychological resistance. This level is confirmed by two Fibonacci retracement levels, 61.8% Fibs and 461.8% Fibs, applied to the current corrective wave down. Break above $1 could establish a long term uptrend while rejection should result in a strong wave down.
On a downside, if MDA will break and close below the recent low at $0.47, price could go down towards the $0.37 support to establish a double bottom, or potentially continuation of a downtrend.
MDA/USD corrected down and found the support at 61.8% Fibonacci retracement level, that is USD 0.48. And today, after bouncing off the Fib support, price went up and broke above the 50 Moving Average and the descending channel, suggesting further correction up.
The very strong resistance is seen at $1, that is a key psychological resistance. This level is confirmed by two Fibonacci retracement levels, 61.8% Fibs and 461.8% Fibs, applied to the current corrective wave down. Break above $1 could establish a long term uptrend while rejection should result in a strong wave down.
On a downside, if MDA will break and close below the recent low at $0.47, price could go down towards the $0.37 support to establish a double bottom, or potentially continuation of a downtrend.