Second piece of the day will be the ReddCoin, previously analysed by us on the 13th of July. Back in that day we were bearish, even our title left no hope for the potential buyers: “Demand gave up”
In the article, we described our outlook in a greater detail:
„Must recently, the price broke the lower black line, which kills the positive sentiment and opens us a way towards new lows. Today, we do have a small upswing but as long as we stay below the black line, traders should not think about buying. „
The price did not listen to the technical analysis principles and did not make new lows. RDD did not make the new highs either, they just stayed in a sideways trend. Recent price movements helped to establish new resistance and support. The first one is the grey area around the 0.0053 and the second one are the recent lows on the 0.004. Breakout of the grey line will give us a buy signal and making new mid-term lows will give us a sell signal.