After Edgeless coin hit the bottom at $0.267, back on the 29th of June, price went up and broke above the 50 Moving Average. But price found the resistance at 61.8% Fibonacci retracement level, that is $0.37.
Currently EDG/USD is right at the downtrend trendline, which if rejected, could result in the correctional move down or a continuation of a downtrend. At the same time, price might close above the recent high at $0.377, which would result in a break above the Fibonacci resistance and the trendline.
In this case uptrend continuation will become highly probable and should send Edgeless coin up to the next resistance level, that is 38.2% Fibs at $0.46. This resistance could play a key role in further price development as the daily break and close might confirm the uptrend and eventually send the price to the new all-time high.
Currently EDG/USD is right at the downtrend trendline, which if rejected, could result in the correctional move down or a continuation of a downtrend. At the same time, price might close above the recent high at $0.377, which would result in a break above the Fibonacci resistance and the trendline.
In this case uptrend continuation will become highly probable and should send Edgeless coin up to the next resistance level, that is 38.2% Fibs at $0.46. This resistance could play a key role in further price development as the daily break and close might confirm the uptrend and eventually send the price to the new all-time high.
Trade closed: target reached