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

Dow Jones to release cryptocurrency indexes next year

It seems that the S&P Dow Jones Indices is the latest company to join the cryptocurrency craze. It plans to launch indices for more than 550 of the top traded coins and clients will be able to work with them to create customized indices.

More Cryptocurrencies News

Ethereum price moves out of no-trade zone but faces massive supply barrier ahead

ETH/USD has settled above $600 and extended the recovery towards $611 on Thursday after a period of range-bound trading. The second-largest digital asset has hit the intraday high at $615 and gained over 2% in the past 24 hours.

More Ethereum News

XLM to regain lost ground, technicals show 7% move in sight

Stellar (XLM) hit the all-time high at $0.2337 on November 25 amid a significant bullish trend on the cryptocurrency markets and has been drifting down ever since. 

More Stellar Lumens News

Yearn Finance building a DeFi empire to replace traditional banks

Yearn.Finance is a DeFi project with the most expensive native token in the industry. At the time of writing, one YFI could cost you more than $29,000, which is still relatively cheap compared to its all-time high reached $44,00 on September 12.

More Yearn.finance News

BEST CRYPTO BROKERS/EXCHANGES




Gold Weekly Forecast: XAU/USD tumbles to multi-month lows on risk flows, technical selloff

Bitcoin has lived through a roller-coaster week. The pioneer digital currency hit another multi-year high of $19,500 and got really close to the all-time high on Wednesday. 

Read the weekly forecast

BTC

ETH

XRP