Finally, it seems that Edgeless coin has found the support at $0.53. This is 427.2% Fibonacci retracement applied to the corrective wave after the ascending channel breakout. The support was rejected cleanly, followed by the downtrend trendline breakout.
This could indicate that EDG/USD is either getting ready or already correcting/reversing to the upside. There are two strong resistance level to watch. First is 50% Fibs at $0.84, and second is 76.4% Fibs at $1. The $1 is psychological round number and it corresponds to the channel breakout point.
At the same time, it is possible that Edgeless will consolidate for a little while or even form a double bottom before starting to move higher. But only daily break and close below $0.53 support could invalidate bullish outlook.
This could indicate that EDG/USD is either getting ready or already correcting/reversing to the upside. There are two strong resistance level to watch. First is 50% Fibs at $0.84, and second is 76.4% Fibs at $1. The $1 is psychological round number and it corresponds to the channel breakout point.
At the same time, it is possible that Edgeless will consolidate for a little while or even form a double bottom before starting to move higher. But only daily break and close below $0.53 support could invalidate bullish outlook.