ReddCoin is one of those new coins that is still very cheap. Technical analysis can help to determine whether the value will rise or not. And looking and ReddCoin it certainly has a strong growth potential considering the current price action.
First of all, it has started producing higher highs and higher lows. Then, on a corrective wave down it rejected the uptrend trendline and moved higher again, rejecting the second uptrend trendline. Currently, RDD/USD is trading just above the support area that is near $0.02. Price could go higher to test one of the Fibonacci retracement levels applied to the previous corrective wave down. Strongest resistance is seen around $0.07, but break above could send it even higher. Only a break and close below the $0.008 could invalidate bullish outlook.
First of all, it has started producing higher highs and higher lows. Then, on a corrective wave down it rejected the uptrend trendline and moved higher again, rejecting the second uptrend trendline. Currently, RDD/USD is trading just above the support area that is near $0.02. Price could go higher to test one of the Fibonacci retracement levels applied to the previous corrective wave down. Strongest resistance is seen around $0.07, but break above could send it even higher. Only a break and close below the $0.008 could invalidate bullish outlook.
Comment:
Reddcoin consolidating, could touch the uptrend trendline before going up, but still expecting a strong growth
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