After generating an all-time high of 0.00001642 on June 22 at Poloniex, FoldingCoin/Bitcoin succumbed to intense selling pressure and reached a low of 0.0000105 on the same day. The pair made another push the next day but sellers overcame buyers and the market closed lower at 0.00001249. The inability of FoldingCoin to close above 0.000014 after two consecutive attempts was seen as a toppish signal. Bears took the opportunity to dump positions and send FoldingCoin crashing to the support level of 0.00000115 on October 21.
Fortunately for the bulls, 0.00000115 is the market’s strongest support level. FoldingCoin consolidated for a few weeks at this level until a rise in volume on December 7 was observed. The market has been rallying since and even attempted to breach resistance at 0.0000045. The good news for you is that bears managed to repel the advance and the market had to retreat to support at 0.0000033. You can use this opportunity to buy the dip in anticipation of a breakout.
Technical analysis show a bullish reversal pattern that’s almost ripe for a breakout. The recent dip enables the market to gather momentum as sellers dump their positions. FoldingCoin is far from overbought territory so there’s a lot of room for the next leg up.
The strategy is to buy as close to 0.0000033 OR breakout at 0.00000450 with volume of 200 Bitcoin on Poloniex. Breach of this level can take the market to our target of 0.0000075.
Daily Chart of FoldingCoin/Bitcoin on Poloniex
As of this writing, the FoldingCoin/Bitcoin pair is trading at 0.00000368 on Poloniex.
Source: Hacked