Etherparty (FUEL) quadruple potential

Viktor Karapetjanc Crypto Post

Etherparty currently trading near $0.05 support area, after it has rejected 61.8% Fibonacci at $0.0488. Price continues to consolidate without any major moves. However, while the support is holding the price is very likely to start moving higher.

The nearest upside target is where the upper trendline of the descending channel has been rejected previous, which is $0.1 area, that corresponds to the 23.6% Fibonacci retracement level. Break and close above it should trigger another wave upwards that could reach 50% Fibs at $0.21, that does correspond to the upper trendline of the extending descending channel.

Yet, it is possible FULE/USD will break below the $0.044 low, but only daily close lower could invalidate bullish outlook and send price down to the previous low at $0.006.

Author

Viktor Karapetjanc

Crypto Post

Viktor is a Chief Editor, veteran currency trader. He started his trading career in 2001 when he began to study Forex and Binary options trading techniques. Not long after he became a trading systems engineer and algorithmic trading guru.

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