Powerledgre Price Analysis: POWR Token Reclaims This Crucial Resistance; Should You Buy?

Do repost and rate:

Last week the POWR token showed a significant surge in its price, indicating a total gain of 120%. With this rally, the token price breached the neckline of the Cup and Handle pattern, revealing a great opportunity for crypto traders. 

  • The POWR token price has a weekly candle closing above the $0.66 resistance level
  • The daily RSI chart displays a bearish divergence concerning POWR price
  • The intraday trading volume in the POWR token is $238.7 Million, indicating a 76% loss

Source- POWR/USD chart by Tradingview

The POWR token technical chart indicated an excellent long opportunity for the crypto traders with a Cup and handle pattern in the daily time frame chart. The last week’s rally significantly helped the pattern complete its handle potion and provide a decisive breakout from the $0.66 neckline.

According to the weekly chart-EMAs(20, 50, 100, and 200), the token is under a strong uptrend as its price is trading high above these EMA lines. 

The Relative Strength Index value at 74 indicates a strong bullish sentiment for this token. However, the bearish divergence spotted in the RSI chart indicates some weakness in this rally.

POWR/USD Chart In The Daily Time Frame

TradingView Chart

Source- POWR/USD chart by Tradingview

The POWR token is currently retracing back to retest the neckline of the bullish pattern. However, with the bearish divergence in the RSI and several higher price rejection candles in this chart, the crypto traders should ensure the price receives sufficient support in the retest phase before taking a new long position. 

The Fibonacci retracement levels indicate the important levels for this token are $0.671, followed by 0.6 and 0.51.

 

.

 

  • Trending
  • Price Analysis
  • Bitcoin Price Prediction: BTC Is Still Vulnerable To Further Losses If The $56 Support Doesn’t Hold
  • Here’s Why Invesco Pulled Out of Bitcoin (BTC) Futures ETF Last Minute
  • StorX New Achievement: SRX Token Gets Listed on HitBTC
  • UK Watchdog recruits Bitcoin Experts to escalate Crypto Crackdown
  • The Social Network Platform Candao Focuses on Trust While Utilizing Blockchain
  • Australia’s $2.4 trillion pension fund industry levy crypto as “too risky”
  • Shiba Inu Team Issues Scam Warning, Here’s What SHIB Investors Should Watchout For
  • XRP Lawsuit: Amici Curiae Attorney Claims to have Critical Evidence about Community’s XRP Holdings
  • Breaking: India Likely to Table Cryptocurrency Bill Before Parliament Session
  • Avalanche (AVAX) Dodges Crypto Market Correction, Makes Way to Top Ten Crypto-List
  • Powerledgre Price Analysis: POWR Token Reclaims This Crucial Resistance; Should You Buy?
  • Bitcoin Price Prediction: BTC Is Still Vulnerable To Further Losses If The $56 Support Doesn’t Hold
  • IOTA Price Analysis: The $2 Mark Seems Achievable With This Bullish Pattern
  • Hedera Price Analysis: HBAR Price Breached The Crucial Support Trendline; Long Traders Guard Up!
  • Avalanche Price Analysis: AVAX Coin Shows Steady Growth In The Technical Chart; When Will A Buying Opportunity Occur?
  • Ethereum Price Analysis: This Bullish Pattern Hints The ETH/BTC Price Will Grow 65% In The Near Future; Check Out Our Price Analysis
  • Enjin Price Analysis: The Technical Chart Indicates More Potential For ENJ Token
  • Dogecoin Price Analysis: DOGE May Pride Buying Opportunities At $0.1516
  • MBOX Price Analysis: MBOX Token Seems Ready For A Parabolic Rally; Technical Chart Says More 60% Gain Awaits
  • XRP Price Analysis: With This New Bullish Pattern, XRP Price Could Grow More Than 30%
About Author

Regulation and Society adoption

Ждем новостей

Нет новых страниц

Следующая новость