Syscoin initial bullish breakout was explosive. This pair, SYSUSDT, grew more than 265% in a matter of days after the early August bottom low. This initial breakout produced a correction and this correction ended in a higher low. In this higher low territory consolidation was taking place. We can say the consolidation is over because Syscoin is now moving above MA200 on the daily timeframe.
A new jump will produce a new high compared to August 19. That is because we have a higher low and higher lows lead to higher highs, and, of course, the Cryptocurrency market right now is ultra-bullish.
This opens up a new question: How far up will it go?
Long-term, it will go really, really high, but short-term, the next target can be seen on the chart.
I would say around 0.5800.
This is a quick and simple update.
Thank you for reading.
Namaste.