Aragon VS Bitcoin 30% Fast Growth Potential

Aragon found the bottom at 24.5k satoshis, where it produced a spike, back on 27th of June. Price then went up and recently broke above the 50 Moving Average as well as the descending channel.

These are the first signals of a potential corrective move upwards, especially as the 50 Moving Average is now acting as the support. The buying opportunity could have presented itself and ANT/BTC might correct up, towards one of the Fibonacci resistance levels.

First resistance  is at 36k satoshis area, confirmed by two Fibonacci levels. Break and close above it should push price higher, towards the key resistance located at 40k satoshis area. Not only this is a 50% Fibs level, but also the price where previously 50 MA was rejected, not to mention a strong psychological level.

The downside risk at this point is low in relation to the potential corrective move upwards, but if Aragon will close below 24.5k satoshis support, this would invalidate bullish outlook, where the downtrend is likely to continue.

SHARE

LEAVE A REPLY

Please enter your comment!
Please enter your name here