The MAIDsafe digital token rallied quite hard on May 17th, but since then, price has been trading in a sideways fashion and the trading range is getting progressively narrower. A very clear triangle pattern is visible on the 2-hour charts! This tell me only one thing: pressure is building up. Triangle formations usually resolve with violent bursts, therefore, I would say that the chances of another big move are increasing with each passing day!
During the big rally on the 17th, price made it over the big pivot zone between 0.000128 & 0.00013, which I outlined in my prior MAIDsafe analysis article. While the exchange rate dropped underneath this buffer zone multiple times over the past week, price has been unable to stay under 0.000128 for any length of time. It’s quite clear that this area is now acting as support and it is advisable for traders to keep a close eye on this important technical zone.
The most important pivot zone still remains between 0.000145-0.00015. At the end of April, the MAIDsafe exchange rate crashed though this area, and since that day, this range has acted as resistance about three times. Unless there is sufficient buying pressure to get price above this zone again, the bear market is likely to continue.
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_maid
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