Komodo has established support and resistance areas, around 30k and 90k satoshis. Price continues to range between those levels, and currently is at the bottom of the range. 76.4% Fibonacci retracement level is being rejected, confirming the potential bottom of the current wave down.
From the 30k satoshis area, the price is likely to start moving upwards, although it could be a very slow reversal that could take another month. First of all KMD/BTC has to break above the downtrend trendline, with a daily close above 45k satoshis. And secondly break above 60k satoshis should confirm a strong move up, that should take price up to 88k, 100k or 122k satoshis levels. In the unlikely event, when the 30k support is broken, Komodo could get back to 17k satoshis level.
From the 30k satoshis area, the price is likely to start moving upwards, although it could be a very slow reversal that could take another month. First of all KMD/BTC has to break above the downtrend trendline, with a daily close above 45k satoshis. And secondly break above 60k satoshis should confirm a strong move up, that should take price up to 88k, 100k or 122k satoshis levels. In the unlikely event, when the 30k support is broken, Komodo could get back to 17k satoshis level.
Comment:
Komodo could be about to produce a strong wave up
Comment:
clearly Komodo moving according to the forecast and should finally start the rally