Peercoin Bullish Opportunity: Daily Timeframe Analysis

Conclusion for today’s Peercoin price analysis: A retracement back to 0.32 or 0.24 is expected in Peercoin prior to the resumption of bullish momentum.

Peercoin price analysis for today is carried out on a Daily timeframe using a log scale. A price peak of 9.00 on January 13, 2018 (not shown here) was followed by a dominant bearish move trend that seems to have terminated at a price low of 0.20 on July 17, 2019.

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The aforementioned bottom reached was followed by a rally and the 20 Day moving average is also indicated on the chart for perspective. Bullish momentum currently has hit a target for price between 0.41 and 0.44 that is marked on the chart as immediate resistance.

A break above 0.44 implies higher prices in Peercoin with 0.51 and 0.63 offering price levels for possible termination of bullish momentum. It is also important to keep in mind the long term bearish trendline since February 2018. Price has not broken and/or closed above it.

This region coincides with the 0.51 target for Peercoin and therefore can be expected to pose a challenge to the current bullish move from July 17, 2019.

Support levels anticipated in case of price retracement from the 0.41 price level includes 0.32 and 0.24. A consolidation in price at either level that is confirmed by momentum will provide opportunity to join the current bullish trend from the July 17, 2019 price low.

Our previous Bitcoin analysis (BTCUSD) before the current price rally was also posted for FREE and can be found here.
https://coinanalyst.investments/2019/04/26/btc-analysis