KMD/USD Medium-term Trend: Bullish
Resistance Levels: $1.70, $1.80 ¸ $1.90
Support levels: $1.30, $1.20, $1.0
Yesterday, July 29, the price of Komodo was in a downward fall approaching the lower price range. In retrospect, on June 8, the bulls tested the $1.8000 overhead resistance and ranging below the resistance level. On June 14, the bulls were resisted and the price fell to the low of $1.000 price level. On July 7, the bulls tested the upper price level and were resisted. This has been the scenario in the last one month. The price of Komodo fluctuates between the levels of $1.000 and $1.8000.
The support and resistance level are evenly apart, and range bound traders can trade the key levels. At the lower price range, a long trade should be initiated and exit such trade near the upper price level. At the upper price range, a short trade should be initiated and exit such trade near the lower price level. These orders should be initiated price is being resisted.
Meanwhile, the price of is in the oversold region of the daily stochastic but below the 20% range. This indicates that price is a bearish momentum and a sell signal.
KMD/USD Short-term Trend: Ranging
On the 1-hour chart, the KMD price is in a sideways trend. The 12-day EMA and the 26-day EMA are sloping horizontally indicating that price is in a sideways trend. The crypto’s price is also characterized by small body candlesticks like the Doji and the Spinning top. These small candlesticks described the indecision between the buyers and sellers at the current market price The daily stochastic is in the oversold region but above the 40% range. This implies that price is in a bullish momentum and a buy signal
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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