On the 7th of January, Reddcoin has reached an all-time high, hitting $0.032 level. Then price corrected down sharply and stopped near $0.0044 area, resulting in a 87% loss to the USD, in just one month.
The $0.0044 area is the 88.6% Fibonacci retracement level, that has been rejected. And looking at the chart, since December 2017 up until now, this level has been rejected at least four times. The most recent rejection occurred on the 13th of June, and RDD/USD has already gained 30% since then.
Perhaps the wave pattern could continue, and if price will stay above the support, RDD could reach the $0.01 resistance area in the very near future. This is a key technical as well as psychological resistance level that should be watched closely. Break above it could be the confirmation of the uptrend, resulting in an exponential growth.
But if RDD will break and close below $0.0042 low on a daily chart, price might enter the consolidation period or even result in a downtrend continuation.
The $0.0044 area is the 88.6% Fibonacci retracement level, that has been rejected. And looking at the chart, since December 2017 up until now, this level has been rejected at least four times. The most recent rejection occurred on the 13th of June, and RDD/USD has already gained 30% since then.
Perhaps the wave pattern could continue, and if price will stay above the support, RDD could reach the $0.01 resistance area in the very near future. This is a key technical as well as psychological resistance level that should be watched closely. Break above it could be the confirmation of the uptrend, resulting in an exponential growth.
But if RDD will break and close below $0.0042 low on a daily chart, price might enter the consolidation period or even result in a downtrend continuation.