PowerLedger still trading within the descending channel, where prevailing trend is obviously down. On the 28th of June POWR/BTC found the bottom at 2847 satoshis, after which, under an increased heavy volume price went up to 6030 satoshis, breaking above the 50 Moving Average.
The upside move resulted in a 110% growth, but then price corrected down, where it found the support at the 50 Moving Average, that has been consistently rejected during the past five days.
Yet again, under an increased volume, today PowerLedger went up sharply, suggesting that the upside momentum is still valid. This should result in further growth and could send price up to the 127.2% Fibs at 6600 satoshis area, where previously resistance has been formed.
Break above the 6600 satoshis could send price much higher, perhaps towards 10k satoshis psychological round number, that corresponds to the 327.2% Fibonacci retracement level.
The upside move resulted in a 110% growth, but then price corrected down, where it found the support at the 50 Moving Average, that has been consistently rejected during the past five days.
Yet again, under an increased volume, today PowerLedger went up sharply, suggesting that the upside momentum is still valid. This should result in further growth and could send price up to the 127.2% Fibs at 6600 satoshis area, where previously resistance has been formed.
Break above the 6600 satoshis could send price much higher, perhaps towards 10k satoshis psychological round number, that corresponds to the 327.2% Fibonacci retracement level.