So let's just first before doing any technical analysis let's just take a look at a couple different stats okay so we're currently trading at 147.37 we're down two percent for the day
src
overall market today i think is down three percent so we're actually technically compound is outperforming the market it's doing less worse than the market market caps almost at 1
billion this is definitely not a tiny token rank summer 83 in the world top 100 that's pretty big considering there's almost 19 000 different cryptocurrencies by plenty of standards
this is a relatively safe investment especially by crypto standards this is not a mean coin not that mean coins are bad investments but it's not really based off a hype it's actually got real
world application and that's the reason why it's up or the reason that people are investing in this huge stat it's down 83 from the all-time high of 911 that happened almost a year ago may
12 2021 this is kind of new but not super new it's been around since summer of 2020 all right so now let's do some technical analysis i'm going to keep this pretty beginner friendly so pretty
much ever since july or last summer we've been in a huge huge downtrend looks like we're finally stopping so let's go ahead and zoom in into here i just realized we're looking at the
wrong investment but not a big deal either way we're still uh same same concept ever since may we've been on a downtrend look so we're finally stopping so let's go ahead and zoom in
all right so the lowest we got to was around 93 that was in february and ever since then well ever since pretty much this whole year downtrend has stopped and we're in what's called the
accumulation period very very stable prices see this green line pretty much have been refusing to go above that and then there's a small little breakout small hope in april we got to 177
almost 180. we unfortunately dipped again but we didn't drop that much this time we have a new uh support line right around 120 ish and now we're having a hard time uh passing that
resistance line around 150 if we were able to pass that next level we'll get to is 180 and if we get past that i think that's when we really gonna hit a nice breakout historic historically
speaking the longer an accumulation period is usually the longer the bigger the boom it will be in other words the bigger the uptrend and it's been a chameleon for quite some time very
stable prices for almost three months straight that's pretty insane honestly but remember this is a game of patience so i'm gonna go ahead and make a prediction again just a prediction i'll
take a two series but i think before the end of this month we can at least break out past 200 back to back to 250 240ish i think that's very realistic interesting crypto has gone down a lot
this year and you know like i said it's going to be a cycle eventually people will catch on and will regain interest in it but i guess we'll see what happens anyways.