Welcome to our first technical analysis of PLTC / USD
Analysis will be updated on bi-weekly basis. As of now there are not many data available yet as listing on HitBTC took place on September 15th. So for September 22nd, 2020 the chart looks as follows:
PLTC / USD Evaluation in 2020: + 153%
Looking at the graph, we notice a bearish trend line.
The currently declining trend is a result of several factors.
First factor is listing on the HITBTC exchange as of September 15th, 2020. From our experience, we can say that after a listing on one of the major stock exchanges, the price will rise sharply and then fall. We see here the same pattern of investor behavior, as they jump on a newly added coin they buy in the first days. Subsequently, that pushes the price higher and, by selling for profit, it will triggers a smaller avalanche of decline, resulting in a resistance line triangle and a bearish trend.
Second factor, that influenced the chart and caused te fall that we are seeing now to $ 0.30 on the chart (bearish crash), can most likely be related to the recent crash of the entire crypto market with PLTC not excluded. Bitcoin again did not manage to break the resistance of $ 12,000 and fell to the subsequent support line of $ 9,980. With Bitcoin falling by $ 2,000, of course, it will affect the entire market and fall slightly. The positive thing about this factor is that PLTC already managed to pull back to the resistance line and thus recovered from the fall.
The result of each narrowing of the triangle is a great movement. Within the trend chart that we see on the annual chart, that there is a better chance of LONG than of SHORT and we expect a larger possible movement above the level of the bearish trend line and breaking the trend lines.
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