Ton of price updates from TC Hub from DAO Labs #SocialMining communities.
As we pointed out in the chart we shared last week, the support level was broken down, which is a sign that the market structure has changed. This means the preceding support has been washed out and is now a resistance area. These shifts are helpful as they mark changes in polarity, with sellers’ turnover rates increasing at the points that buyers’ rates were before.
As price continues to challenge this new resistance zone, a breakout above it may signal a reversal of the trend, hence a renewed uptrend. In such a situation, they would continue to apply the targets identified above. Until such a breakout happens, traders are advised to be careful and keep a close eye on the said resistance level for confirmation of the market's bias.
