Potcoin Price Key Highlights
- Potcoin price has been steadily trending lower, moving inside a descending channel pattern on the 1-hour time frame.
- Price is testing the latest lows and might be due for a move down to the channel support at 0.00000220BTC or lower.
Potcoin price could carry on with its ongoing selloff, as technical indicators also confirm that further losses are likely.
Bounce Off Channel Support?
Potcoin price might still be able to take a break from its dive if the bottom of the descending channel holds as short-term support. In that case, price could head back up to the top of the channel to test the resistance.
The 100 SMA is below the 200 SMA and has also held as a dynamic resistance level, allowing the selloff to resume. Stochastic is pointing down but is nearing the oversold zone, which suggests that profit-taking might take place sooner or later.
However, a downside break of the channel support could set the stage for a much sharper selloff, potentially taking potcoin price to 0.00000200BTC or lower. A bounce could lead to a move back up to 0.00000240BTC.
Intraday support level – 0.00000220BTC
Intraday resistance level – 0.00000240BTC
Charts from CrypTrader.com
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