ReddCoin found the bottom at $0.0044 where it rejected the 88.6% Fibonacci retracement level. History shows that 80% correctional moves are optimal in cryptocurrencies and from there price tends to continue the major trend.
History could repeat itself which means ReddCoin is on its' way to continue the long-term uptrend. Although there are several obstacles on the way up. These are Fibonacci retracement levels, which are 61.8%, 50% and 38.2%. Therefore, the first resistance is located at $0.013, which is highly likely to be broken. Second, is a much more important level, that is $0.017 corresponding to the 8/1 Gann Fan. Break above second resistance could result in a further uptrend until $0.02, and only break above that level should confirm the long-term bullish intentions of the RDD/USD.
On the downside, there are two support levels, first is the minor support at $0.0083 where price could retrace. Daily break and close below could send ReddCoin back to $0.0044 to form a double bottom.
History could repeat itself which means ReddCoin is on its' way to continue the long-term uptrend. Although there are several obstacles on the way up. These are Fibonacci retracement levels, which are 61.8%, 50% and 38.2%. Therefore, the first resistance is located at $0.013, which is highly likely to be broken. Second, is a much more important level, that is $0.017 corresponding to the 8/1 Gann Fan. Break above second resistance could result in a further uptrend until $0.02, and only break above that level should confirm the long-term bullish intentions of the RDD/USD.
On the downside, there are two support levels, first is the minor support at $0.0083 where price could retrace. Daily break and close below could send ReddCoin back to $0.0044 to form a double bottom.
Comment:
Reddcoin at the support