TOMO price doubled during the week, reaching a new high at 10,903 sts
TOMO price has increased by 124% since December 8. However, the rally has begun to lose strength near 8000 satoshis (sts), an area that it has struggled to escape in the past five days. TOMO price is in the process of breaking out of the short-term bullish model.
Yesterday, TOMO price made a move to increase prices by nearly 7% against BTC after TomoChain announced the launch of TomoP, as AZCoin News reported. The momentum extended and pushed TOMO to break above the 8000 sts. The price has reached a daily high of near 9400 sts before falling slightly to 8483 sts, but still marks an increase of more than 11% in the past 24 hours.
Source: Trading View
Analyst Coin Buster claimed TOMO is in the consolidation phase before the breakout.
He made two goals for the price, at 8500 and 9500 sts.
In compression mode. Big move incoming.
My analysis and the RR says up.
Let’s see if BTC allows this as TOMO usually follows BTC when it dumps.
Targets = the 2 upper yellow lines pic.twitter.com/ZX7hC29k4r
— COIN BUSTER (@Coin_Buster) December 17, 2019
TOMO / BTC analysis
TOMO prices have been on a downward trend since August 24. On December 9, the price reversed and began to move up. The price reached a high of 10,903 sts on December 16, but that was in the form of long upper wicks. Since then, TOMO has struggled to move above the resistance area of 8000 sts, creating some long upper wicks in the process.
Source: Trading View
The price is most likely trading inside an ascending triangle. The resistance line of the triangle is at 8000 sts, and the price is quickly approaching the end of the pattern, expected to be on December 22 at the latest, at which point a decisive move will be taken.
If the price moves the entire height of the pattern, it will reach the second target of 9500 satoshi. However, due to the strong resistance area, a review of the recent high of nearly 8,500 satoshi will be more likely.
In short, TOMO is capable of reaching 8500 sts and can be as high as 9500 sts. After that, a corrective movement towards the long-term ascending support is expected.
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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