MAIDsafe Technical Analysis for 02/29/2016 – Price Trading Underneath Key Pivot

The MAIDsafe digital token hit an all-time high of 0.00025999 yesterday, but the subsequent sell-off did some major technical damage. Price plunged underneath the 0.00021 price level. Before yesterday’s big plunge, the market had used this area as support/resistance once, but after the sell-off, the 0.00021 level was used as resistance another two times. Therefore, this level has not become an important pivot zone. Unless there is sufficient buying interest to move the market above 0.00021 again, the path of least resistance is south!

MAID-technical-analysis-Feb29

There is another another small pivot zone at 0.000185. Since yesterday, this level has acted as support about three times. Price is now nearing this level again, so this area might act as support a fourth time. If the market closes below 0.000185, further selling is very likely to take place.

MAID-technical-analysis-Feb29-2

Although the 15-minute and 30-minute charts are painting a bearish outlook, the longer term chart is showing that the bull market is still not over, at least from a technical perspective. The trend line – which the market has respected since the start of February – is still intact. Price would have to plunge all the way down to 0.0001450, for the trend line to be considered broken.

MAID-technical-analysis-Feb29-3

 

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.

 

Leave a Reply