The price is being pressured into a breakout. The price has reached a very strong support level and has also been stuck in a bearish wedge, this is looking very likely to break out the top of the wedge as the RSI is at an oversold level and the price has just tested this strong support level. The price is looking very likely to start moving up from here, once the price has broken out this wedge the price could rally, this is very good news for this crypto after a negative start of the year. I will keep everyone updated on this pair over the coming days and will be posting once the price has broken out of this pattern.
Comment:
The price has seemed to bounce once again of this strong support level, it now looks like the price is going to be making its way up towards the resistance level of the wedge as the price is still in an oversold position. It is very likely that the price is going to start getting very volatile as the two patterns are squeezing the price together, once the price breaks out (more likely out the top of the wedge), we could see massive moves take place.
