On the 22nd of April, the MAIDsafe exchange rate plunged under the key pivot zone at 0.000165 – which I outlined in my last article – and continued lower over the next several days, hitting a low of 0.00010133 on April 26. Since the 26th, the market has been oscillating around several key pivot levels: 0.000145, 0.000128 and 0.000115.
The 0.000145 level acted as support on two occasions during the first half of April, and this area acted as resistance yesterday, when the market reversed course as soon as it hit 0.000145.
The 2-hour chart doesn’t really show the importance of the 0.000128 area, however, the 30-minute chart is much more clear. Since the 26th, the 0.000128 level has been used as resistance about eight times, and including yesterday’s bounce, this level has also acted as support about three times. If price slips underneath this area over the next few days, a sell-off down to 0.000115 would not be out of the question.
Why 0.000115? Well, the 30-minute chart also reveals that this area has been used quite extensively since the 26th of April; three times as support; once as resistance.
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.
While the Dogecoin community has always had its share of news to talk about, it…
In a major development, Bitget Wallet has announced the integration of Polymarket directly into its…
The Aave rsETH/wrsETH market froze abruptly, leading to a rapid series of withdrawals, including one…
Last week saw major investment firm Strategy Inc. (MSTR) bust into the crypto world with…
One of Bitmine Immersion Technologies came out to be the most aggressive in its cryptocurrency…
The RAVE controversy is now one of the most significant market integrity matters in recent…