This is not investment advice. This is for educational and entertainment purposes only. I am not responsible for the profits or loss generated from your investments. Trade and invest at your own risk.
- To begin with, we can see that prices are forming higher lows near the ascending support marked in blue
- The 0.236 support has held
- Prices have consolidated within a inverse head and shoulder pattern, which will serve to be a continuation pattern
- A breakout through the neckline is anticipated, with a target near the 0.786 resistance
- The ( ) is at neutral levels, demonstrating strength, and potential for a breakout
- Both the Moving Average Convergence Divergence ( ) and the Wave Trend Oscillator demonstrate increasing momentum and a golden cross
Considering that this particular altcoin is less negatively affected by Bitcoin's movements, and that its technicals demonstrate a 60% upside, I believe that a breakout could be in play.
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