- The POOCOIN price has given a breakout from the bullish flag pattern at the $0.2748 level.
- The moving averages are indicating strong buy signals.
PooCoin (POOCOIN) is a token of the PooCoin app on the Binance Smart Chain (BSC). It provides portfolio management and charts for the BInance Smart chain. This platform aims to improve on existing DEXes in several ways. POOCOIN is a BEP-20 token secured by the BSC proof-of-stake (PoS) consensus mechanism. It has a supply of ten million tokens, 25% of which is in the deployer wallet, and the transaction charge for each is 8%.
Investors are Getting Profits Since the Last Six Months
October 2023 has become the reversal point for many cryptocurrencies around the world. The POOCOIN token is also one of them; it started its bullish rally in the same month from the $0.1746 support level, followed by the relative strength index.
The relative strength index showed a bullish divergence on that level, which is one of many reasons to take a long position in that particular zone. The POOCOIN price moved 30% from the $0.1746 support level and took the first step toward a reversal.
As far as the price action is concerned, it created a decisional demand level of $0.1961. The bulls couldn’t control their sentiments and started taking positions on that level, which resulted in a hike of 66% on a single run.
The POOCOIN price created a resistance of $0.3255, currently holding the price back. However, it got an excellent reaction from the buyers at the $0.2594 support level. The current POOCOIN price is performing at 99.21% below its all-time high.
Technical Analysis of the POOCOIN Price
The POOCOIN price took support on the 50-day EMA on December 18, 2023, resulting in a hike of over 50% in its value. It was followed by the 200-day EMA that played an essential role in reflecting a bullish crossover at the $0.2242 level.
According to the technicals, the POOCOIN price has given a breakout from a bullish flag pattern at the $0.2748 level. That happened because the initial response from the $0.2594 support level led the price toward the $0.3255 resistance.
At press time, the price faced resistance from the $0.3110 level and formed two negative candles in the previous three sessions. However, it may soon give a breakout from the $0.3255 resistance level, and if it sustains above that, it may reach $0.3854.
Moreover, the relative strength index (RSI) has shown internal bullish divergence in the price momentum. It reflects the buyers are actively keeping their positions in the current session. The RSI slope is at 64.02 below the upper band.
Conclusion
The POOCOIN price has been moving in an upward direction since October 2023, like many other cryptocurrencies. It respects the $0.2594 demand level, leading the price to the $0.3255 resistance. If the POOCOIN price manages to sustain above that level, it may also reach the $0.3854 resistance.
Technical Levels
- Resistance Levels: $0.3255 and $0.4156
- Support Levels: $0.2594 and $0.2249
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stocks comes with a risk of financial loss.
