MAIDSafe Technical Analysis for 12/02/2016 – Pressure Building Up

Like many other alternative digital currencies, the MAIDSafe digital token rallied quite hard over the past three days. MAIDSafe hit a high of 0.00013029 yesterday, and today, price has retraced down to a low of 0.000081. While the higher time frames don’t show any important technical levels, the 15-minute chart shows that 0.000105 has acted as resistance about five times yesterday, and also once as support. This level is clearly significant from a technical perspective and every trader should be aware of it. MAIDSafe is now trading underneath 0.000105, so this level may act as resistance in the near future.

The 15-minute chart is also showing a triangle formation. It seems that price is being forced into a tighter band, which usually means that pressure is accumulating. If price breaks higher and manages to close above the pivot at 0.000105, then another rally towards the high at 0.00013 becomes very probable.

If we examine the daily chart, the significance of the 0.00013 price level becomes very obvious. This area goes all the way back to the April of last year, when it was first used as resistance. This pivot was used as resistance once again towards the end of July as well. The market failed to break above 0.00013 yesterday too. That makes 0.00013 a triple resistance level.

Disclaimer:  This is not trading/investment advice!

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

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