Looking at the long term price action, CloakCoin continues to reject the uptrend trendline, and most recent bounce occurred back in April. Price then found the bottom at $4.5 and went up sharply, breaking above the 200 Moving Average.

CLOAK/USD reached the high at $26 and corrected down to the $9 area, where it found the support at 76.4% Fibonacci retracement level. Currently the 200 Moving Average is acting as the support and this could trigger another wave up. Fibonacci applied to the recent corrective wave up shows that the potential upside target could be at 161.8% Fibs, that is $37 area. Therefore, CloakCoin could be aiming for a double top in the medium to long term.

Nevertheless, if price breaks below the support at $9.7, the bullish outlook would be invalid and CLOAK/USD could drop down to the uptrend trendline, the $6 area.

Coin

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CryptoPost constitutes an investment recommendation, nor should any data or Content published by CryptoPost be relied upon for any investment activities. CryptoPost strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Dogecoin Price Forecast: DOGE’s 50% lift-off delayed due to lack of volatility

Dogecoin price has been traversing the descending triangle formation for more than 20 days—however, the recent swing high lead to a bullish breakout. Now DOGE eyes a 50% upswing to $0.076. A decisive close above the no-trade zone will determine the meme coin’s direction.

More Dogecoin News

XRP Price Prediction: Ripple prepares for a 70% upswing

XRP price hit a local top on February 13 at $0.64, followed by a correction that pushed it down by 40%. In hindsight, this top coincided with the ascending parallel channel’s upper trendline. Now, the remittance token is preparing for another leg-up as it witnesses a spike in buying pressure.

More Ripple News

Brave to compete against Google with privacy-centric search engine

Brave new search engine aims at providing users with a good experience free of Big Tech companies. The Tailcat search engine does not collect the user's IP addresses or any other personal identification information.

More Cryptocurrencies News

Ethereum Price Prediction: ETH bulls need to tackle $1,700 before eyeing $2,000

Ethereum bulls are in full swing while attacking the $1,600 level, currently up 1.77% intraday near $1,595, amid initial Thursday. In doing so, the altcoin extends recovery moves from a one-month low, marked on Sunday. Bears will have a bumpy road on their return.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP