Populous Analysis – Round levels still important for the PPT

Last instrument in today’s technical part of the market journey is the crypto named Populous. It was previously mentioned here on the 16^th of August, when the price was aiming the long-term down trendline and had appetite for more – the horizontal resistance slightly above the 5 USD. This was our view back then:

“Even with the today’s rise, it is still too early to claim the bullish victory. As long as the price stays below the yellow area, the sentiment in the mid-term is still negative. „

The price managed to reached the resistances pretty fast. Buyers made a huge effort to break the 5 USD but failed miserably with holding that price as a closest support. That was a signal for the false breakout pattern and I think You already know what false breakouts are doing. If you do not know, one more reminder: they very often trigger a movement in the opposite direction. Interestingly, this crypto respects round levels. First a bounce from the 5 USD, than a breakout of the 3 USD (orange) and then, establishing the 2 USD (green) as a crucial long-term resistance. This resistance was technically proven yesterday as the daily chart is shaped like a sweet shooting star. This alone can be considered as a sell signal and we combine it with the whole trend, we almost get a certain short here.