Simple Token found the bottom at $0.11, where RSI oscillator formed a bullish divergence, suggesting a correction up or a reversal. The following wave up resulted in a break above the descending channel and the 2/1 Gann Fan trendline, reaching the $0.22 high.
Price corrected down and found the support at 61.8% Fibonacci retracement level that has been rejected cleanly. Currently the 2/1 Gann Fan trendline is acting as a support and if price will remain above $1.15 level, the uptrend is likely to continue. The strong resistance is seen at $0.33, which could be the first upside target of the potential uptrend.
On a downside, break and close below $0.15 should invalidate short term bullish outlook and send price down to $0.11 support.
Price corrected down and found the support at 61.8% Fibonacci retracement level that has been rejected cleanly. Currently the 2/1 Gann Fan trendline is acting as a support and if price will remain above $1.15 level, the uptrend is likely to continue. The strong resistance is seen at $0.33, which could be the first upside target of the potential uptrend.
On a downside, break and close below $0.15 should invalidate short term bullish outlook and send price down to $0.11 support.
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