NAVCoin Consolidation Ending

NAVCoin has found the bottom at $0.76 where it rejected the uptrend trendline and formed a double bottom. The following wave up resulted in the break above the 50 Moving average while reaching the $1.6 high.

NAV/USD has been consolidation for two weeks now and seem to find a strong support at the Moving Average. The next wave up could push price further up, towards 38.2% Fibonacci resistance at $2.33 area. Break and close above that resistance would open more upside potential and could send NAVCoin up to 76.4% Fibs, that is $4.

While the Moving Average is holding there is very high probability of the uptrend continuation. Although break and close below $1.1 would invalidate bullish outlook and the downtrend continuation might take place.

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