Syscoin has been one of the strongest coins during the last few months correctional phase. While most coins have been losing to the Bitcoin, Syscon held its' value while the price was ranging between 5k and 7k satoshi.
SYS/BTC continues trading above the 200 Moving Average and managed to break above the downtrend trendline. During the past few days, it has been rejecting the 38.2% Fibonacci support, where the downtrend trendline acted as the support and has been rejected as well.
This could be the confirmation of the continuation of the uptrend sending Syscoin much higher from the current price. Although there are few strong resistance levels to overcome. First two are 8.2k and 10.2k satoshi levels where previously resistance was established. If they are broken next target would be 127.2% Fibonacci retracement level at 12.6k satoshi. Break above the final resistance will prove the long-term strength of Syscoin, which is a very likely scenario.
SYS/BTC continues trading above the 200 Moving Average and managed to break above the downtrend trendline. During the past few days, it has been rejecting the 38.2% Fibonacci support, where the downtrend trendline acted as the support and has been rejected as well.
This could be the confirmation of the continuation of the uptrend sending Syscoin much higher from the current price. Although there are few strong resistance levels to overcome. First two are 8.2k and 10.2k satoshi levels where previously resistance was established. If they are broken next target would be 127.2% Fibonacci retracement level at 12.6k satoshi. Break above the final resistance will prove the long-term strength of Syscoin, which is a very likely scenario.
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Syscoin looking good