Potcoin Price Key Highlights
- Potcoin price is hovering around the descending triangle bottom visible on the daily time frame.
- A downside break could take place, as bearish momentum appears to be building up after the pair consistently formed lower highs.
Potcoin price could be in for a huge downside break of triangle support, spurring a longer-term drop below the 0.00000250BTC level.
One more pullback?
However, selling pressure may have already been exhausted as the consolidation has gotten tighter, indicating hesitation. While the 100 SMA is below the longer-term 200 SMA, indicating that the path of least resistance is to the downside, a pullback to the moving averages might be possible.
Price could find more sellers around the 0.00000420BTC level, which is close to the dynamic inflection points at the moving averages and is still within the triangle resistance. If this keeps gains in check, bearish pressure might get stronger as more sellers hop in the downtrend.
Stochastic is pointing down but is already nearing the oversold zone, which suggests that profit-taking might take place and trigger a quick bounce. But if sellers remain on top of their game, a long red candle closing below the 0.00000250BTC support level could be enough to confirm the breakout.
Intraday support level – 0.00000250BTC
Intraday resistance level – 0.00000300BTC
Charts from CrypTrader.com