After finding the bottom at $0.77, TenX Pay Token went up, breaking above the descending channel and the 50 Moving Average. This suggests the continuation of the bullish momentum that could result in PAY/USD rising towards $3, that would potentially double it's current value.
Although there is strong resistance at $1.64, that has to be surpassed first. This is 61.8% Fibonacci retracement that corresponds to the downtrend trendline. Break and close above this resistance should push price higher, up to $3, that is much stronger technical as well as psychological resistance level.
It is unlikely that from this point there will be any major move down and the rise is expected to be smooth. Nevertheless close below $0.77 should invalidate short term bullish outlook and extend the consolidation.
Although there is strong resistance at $1.64, that has to be surpassed first. This is 61.8% Fibonacci retracement that corresponds to the downtrend trendline. Break and close above this resistance should push price higher, up to $3, that is much stronger technical as well as psychological resistance level.
It is unlikely that from this point there will be any major move down and the rise is expected to be smooth. Nevertheless close below $0.77 should invalidate short term bullish outlook and extend the consolidation.
Kommentar:
First resistance reached