The price has officially broken out the consolidation range to the bears. The target point for a reversal is still at at $0.28 however there is a few levels of support before the price reaches this point, these support levels were sourced from the fib retracement of the current wedge formation.
The price has bounced off the golden ratio, (62.8% fib) so the price should sit around this area for a bit before breaking lower, ($0.334-$0.330).
The RSI is also pushing oversold on the 4 hour chart. This is a good indicator as a recovery is in sights.
It can be argued that the reason for the price dump along the whole crypto space is based on the current talks about a interest rate hike by the FED which on top of the previous hike, results in a sell off of traditional stocks and assets as we have seen today.
Feel free to comment your opinion on the matter.
The price has bounced off the golden ratio, (62.8% fib) so the price should sit around this area for a bit before breaking lower, ($0.334-$0.330).
The RSI is also pushing oversold on the 4 hour chart. This is a good indicator as a recovery is in sights.
It can be argued that the reason for the price dump along the whole crypto space is based on the current talks about a interest rate hike by the FED which on top of the previous hike, results in a sell off of traditional stocks and assets as we have seen today.
Feel free to comment your opinion on the matter.