RookUSD, are buyers starting to reconfirm the demand area?

After days of heavy selling, crypto markets have started to see signs of demand today, with most of the top 25 coins moving into the positive after being hammered within 24 hours ago. Today, things continued to look dire as coins continued to touch new monthly lows.

KeeperDAO (RookUSD) continues to fight back from the 71.40 -76.80 area. This area has been showing demand and support for buyers since January. Sellers till this point haven’t been able to break through, pushing the downtrend to that next level lower.

Buyers have rejected five attempts at beating the level. But they haven’t been able to get a new trend going as resistance at 142.20 has continued to halt their runs.

Looking at the picture now, there are two obvious outcomes. 1, we see the demand area hold, and we see a new push higher from buyers. If buyers can reach that level again, the test will be at 142.20 resistance. 2, overall pressure returns to the crypto boards, and selling returns pushing price back into the demand area and possibly through it confirming a weekly continuation.

RookUSD

The post RookUSD, are buyers starting to reconfirm the demand area? appeared first on Eightcap.

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Joseph Jeffriess, Market Analyst in Eightcap
Eightcap is one of the leading CFD brokers in the market, providing online trading services to a wide range of clients from around the world. They offer 1,000+ CFDs based on Forex, commodities, indices, shares, and cryptocurrencies. The well-established trading company was founded in Melbourne, Australia, in 2009, and is regulated by the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Securities Commission of The Bahamas (SCB).