Last piece of the day will be Power Ledger, so an altcoin, which was on our radar quite recently – on the 18th of July. Back in that day, we were fresh after a strong upswing. The sentiment was positive but we were expecting a small take profit action:
“Currently we do see a small reversal but it is just the short-term profit taking action. With this momentum, the price should aim the green area relatively soon. „
We were right with the correction but the green area part is still yet to come. The take profit action is quite strong but it was not changed into the down trend. The sentiment is still positive as the correction is locked inside of the flag formation (green lines), which is promoting a further upswing. What is more, POWR is above the combination of two important supports. First one is the horizontal one (yellow) and the second one is the dynamic one, which connects the bottom of the head and the right shoulder (black lies).
From the technical analysis point of view. Current levels are great for buying. Price coming down below the yellow area should be a very negative sign and would cancel any bullish sentiment here.