Contentos showed an impressive strength against Bitcoin, rising 35% during the last 24 hours.
The coin has been able to build a short-term trend line where it is building a bullish pattern targeting the near resistance level at 430 satoshis.
It remains to see if Contentos will be able to break through this resistance level.
As volume remains low and stochastic oscillator entering the overbought area, we could face a momentum decrease soon. This would lead to some profit taking and therefore a pullback occurring near the 430 level and targeting the short-term uptrend.
Buyers will need to defend this short-term uptrend support, otherwise, we could face a strong sell-off toward year lows at 140 satoshis.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .
The coin has been able to build a short-term trend line where it is building a bullish pattern targeting the near resistance level at 430 satoshis.
It remains to see if Contentos will be able to break through this resistance level.
As volume remains low and stochastic oscillator entering the overbought area, we could face a momentum decrease soon. This would lead to some profit taking and therefore a pullback occurring near the 430 level and targeting the short-term uptrend.
Buyers will need to defend this short-term uptrend support, otherwise, we could face a strong sell-off toward year lows at 140 satoshis.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .