WaltonChain Facing Support Area

WaltonChain continues to trade upwards while producing higher highs and higher lows. Now WTC/USD is going through a healthy correction down after hitting the high at $18.8. The current support can be seen around $14 area which previously has acted as a resistance. The support is confirmed by the upper trendline of the descending channel, 50 Moving Average as well as the 2/1 Gann Fan trendline.

From this area price could continue rising and could go as high as $45, forming a double top near the previous resistance formed back in January. At the same time $36 resistance, that is 76.4% Fibs, should be watched closely as only break above should push price higher.

On a downside, it is possible that WaltonChain will go lower and could hit the $10 psychological support before the uptrend continues, but only break and close below $10 should invalidate bullish outlook.

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