Symbol Price Analysis: Symbol in a consolidation phase after breaking out of bearish dominance

• Symbol Token Price has been on a bear dominated trend on the chart for the past few months
• The coin broke out of the treason and is currently consolidating in a range
• The coin has formed a rounding top pattern on the hourly chart

Symbol Token Price is in a consolidation phase after breaking out of a downward trend two months old. The coin has currently taken support at $ 0.14, the next support for the token lies at $  0.10. The coin looks to consolidate further over the next few trading sessions before making any significant trend reversal. The Moving Average Convergence Divergence (MACD) indicator indicates neutrality for the token on the MACD chart.

Symbol Token Price has formed a rounding top pattern on the hourly chart as can be seen on the exhibit. The token has been very bullish after breaking out of the rounding top pattern. The token is testing the support at $ 0.173, the coin has next support at $ 0.162 on the hourly chart. The MACD indicator indicates bullish dominance over the last few hours. The volumes are drying up over the last few trading sessions. 

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Conclusion:

Symbol Token has been in a consolidation phase and has formed a rounding top pattern on the hourly chart in the process. The coin was in a strong bear-dominated trend over the last couple of months.

Support: $ 0.163

Resistance: $ 0.20

DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.