MaidSafe Technical Analysis for 01/18/2016 – Market Trading at Important Pivot Zone

The MaidSafe crypto-token has been trading in a directionless chop since the end of November, but today’s price spike has lifted the market into a key pivot area. MaidSafe is currently trading around 0.000049 – slightly above the big resistance area at 0.000048. This level prevented the market from rallying in the middle of November and price had not revisited this area until today. Will this level act as resistance now? I guess we’ll know by the end of the day.

If the market retraces, the 0.000042 level will most likely now act as support. This pivot zone was quite active in the past two months, acting as resistance about three times. I would recommend to take this area into account if you are an active trader.

The daily chart is also showing a bullish engulfing candle. This candle is still being painted, so it still hasn’t closed as a bullish engulfing bar just yet, but these formations usually precede bull markets! Something to keep in mind.

Related Post

 

 

Disclaimer:  This is not trading/investment advice!

Chart source: https://poloniex.com/exchange#btc_maid

If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Traderman

Avid blogger, entrepreneur, and cryptocurrency enthusiast. I love writing about cryptocurrency, NFTs, price analysis, and much more!

Share
Published by
Traderman

Recent Posts

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

3 hours ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

4 hours ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

5 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

5 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

8 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

9 hours ago