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- BurgerCities (BURGER) token reversed downfall by making a higher-lows.
- BURGER token spotted above the 200 EMA line of the EMA Ribbon Indicator.
- Due to retracement phase, trading volume declined 71% in the last 24 hours at $85 Million.
The BurgerCities (Burger) token delivered an incredibly bullish breakout when almost every investor lost their hope. If we look at the long-term outlook, the altcoin is still in control of bears, despite the short-term rise. Buyers feel safe until a given asset begins to decline widely.
Burger token broke above a crucial downsloping trendline with an inverted hammer candle on July 1. Later, the bulls continue to focus on managing the altcoin away from the hands of the bears. While celebrating the bullish rally, the bears again attempted to dominate the altcoin, as a result, Burger coin fell below the $3.0 resistance.
Recently, buyers found breakthrough as Burger token breached all red EMA lines as well as the 200 EMA line (yellow) of the EMA Ribbon indicator in the context of the daily price chart. However, the bulls have been battling a retracement phase since last night, while altcoin against the USDT is trading at the $1.6 mark at the time of writing.
Due to the correction, the market cap fell from $40 million to $33.7 million over the past 24 hours, a 28% drop according to CMC data. Meanwhile, the weekly price candle suggests an inverted hammer candle this week. Buyers could close the weekend below the $2.0 level, but short-covering could lead to a bullish rally.
The retracement phase causes trading volume to drop again. Therefore, trading volume fell 71% to $85 million in the last 24 hours.
How RSI impacts the upcoming trend?
On the daily price scale, the RSI indicator moved below the overbought zone (85-point). Therefore, buyers face a correction in Burger Token. But the indicator may bounce back near the semi-line.
MACD is still moving in positive territory, this bullish signal helps traders to look for further trading in the altcoin.
Conclusion
After seeing the ongoing Bullish Calls, the bulls need to maintain the Burger token price above the immediate support of $1.5. Although a retracement was expected after a strong rally, further downside below the given levels favors a bearish trend.
Resistance level- 3.0 and $10
Support level- $1.5 and $1.0
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
