Viacoin seem to have found the support at 78.6% Fibonacci retracement level that is $1.5. Although price went slightly lower, and did hit the $1.42, the following wave up resulted in a break above the downtrend trendline. Then price rejected the $1.5 support for two consecutive times, that could suggest that price could start rising.
There are several resistance levels, each of which could be considered as a potential upside target. First is 50% Fibs that is $2, second is 23.6% Fibs that is $2.5. And finally $2.7 level, that corresponds to the previously formed resistance level.
Frankly, the downtrend still is valid and price hasn’t started to produce higher highs and higher lows. But only break and close below the $1.5 support would invalidate bullish outlook and the downtrend might continue.
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.
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