This time I took look at SingularDTV - SNGLS. I was looking on Binance for a coin/token with low value, low market cap and approaching bottom with a some support.
SNGLS is a Token with a rank 196 in marketcap, which means, this coin can have strong breakout.
Also the USD price is really low, same as in May 2017.
Okay, but now straight to the point.
From the beggining, SNGLS has been downtrending just as every other coin listed on binance, huge daily price movements. On 12 december SNGLS hit 690sat and found pretty strong support at that price. When SNGLS has shown that the price is holding at support (bottom) it had popped, right when BTC 1.17% was falling from 18,000$.
It was solid 450% breakout which is not that bad, or is it? The price have started dropping after the falling to low 40 levels. Now we are at the "Bottom", which is great buying opportunity for SNGLS as we are on strong a support.
It looks like we can form Rounding Bottom or , we have potential for 340%, but its not that likely, but still, these low value tokens are often pumped, take STORM as example. I wanted to buy STORM, as the price was few days on really low Values, but I wasnt sure because there were lack of graph info.
Mkay, the 3 Red lines represent ressitance lines.
Put sell right under those if you want to play safe, but keep in mind those crazy top candle wigs.
If the support wont hold, and daily candle closes under "Bottom", sell, I still feel like we can hit the bottom one more time before any major price movement upward.
Yes, so there are 2 ways.
A - break from the rounding bottom.
B - break from the .
- Getting tighter, when the price is really stable as it is now, which means no crazy candles, that often lead to breakout, but not always.
Relative Strenght Index - We are aprroaching the good zone above 50, lets see if we can keep it up.
- Good levels here as well.
- for now, we have low , but that can change in matter of hours.
Thats all I have to say for now.
If you agree or dissagree let me know, in comments down below.
Good luck trading!
otherwise the rounding bottom seems accurate.