Edgeless Coin Gaining Momentum

Edgeless is one of those coins that has been performing quite well recently. After finding the support at 161.8% Fibonacci retracement level, which is $0.42, EDG/USD went sharply up.

It went all the way from $0.42 up to $0.75, gaining 78% profit. While moving up it broke above the 200 Moving Average suggesting that the uptrend is not over yet. There is very important resistance level located at $0.777, which previously has been cleanly rejected from the bottom and from the top throughout 29th of September to 4th of October.

This could be the next upside target which does correspond with the descending channel upper trendline. Currently, it does not seem that Edgeless coin will reverse down, it could consolidate for a little while but uptrend continuation remains a likely scenario.

But if it manages to break below 161.5% Fibonacci level, it would invalidate the uptrend and could extend the consolidation or even change the trend to the downside.



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