Potcoin Price Technical Analysis – Can Buyers Overcome Pressure?

Potcoin Price Key Highlights

  • Potcoin price continued to trade inside a flag pattern as highlighted in one of the recent technical analysis.
  • Both buyers and sellers seem to be struggling to take the price in one particular direction, which created a range inside the flag pattern.
  • A few technical indicators are pointing towards more losses and a break below the flag pattern.

Potcoin price is trading inside a range and it looks like heading towards a break, waiting for a catalyst.

Break Down?

As mentioned in the previous analysis, there was a sharp decline noted in the Potcoin price which took the price towards 0.00000259BTC. The price is currently making an attempt to recover, and forming a breakout pattern in the form of a flag. It is finding resistance around the flag upper trend line which is coinciding with the 38.2% fib retracement level of the last drop from 0.00000370BTC to 0.00000259BTC. Moreover, the 100 hourly simple moving average is also around the current price and causing hurdle for more gains.

Potcoin

Sellers made more attempts to break the flag pattern compared with buyers. If buyers have to take control, then a break above the flag and the 38.2% Fib level is needed. The next level of interest in that situation may be around the 50 Fib level. Any further gains may depend on how the momentum shapes up and whether sellers manage to defend the stated Fib level or not.

If the price moves lower from the current levels, then the Flag support area might come into play. A break and close below it could take the price towards the last low of 0.00000259BTC.

Intraday Support Level – 0.00000265BTC

Intraday Resistance Level – 0.00000302BTC

The hourly RSI is struggling to gain pace, which is a bearish sign in the near term.

 

Charts courtesy of Cryptrader

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