Salus Trading at Strong Support

Currently Salus is trading right at the uptrend trendline, that is $25 area. This is the area of the 88.6% Fibonacci retracement level and as can be seen on chart, it has acted as support and resistance multiple times.

The price could look attractive from the buying perspective, considering that the price at the strong technical support. Although it is yet to be seen the price action in the coming days. If SLS/USD manages to stay above the uptrend trendline, the price could start rising towards major resistance at $73, that is inline with the downtrend trendline.

But, on the other hand if daily close will be below the trendline, further decline is possible. Salus could drop further to test next support are, near $10 psychological level, and perhaps only then a correction up or a trend reversal could take place.

SHARE

LEAVE A REPLY

Please enter your comment!
Please enter your name here