EDU appeared super bullish this week following a break out of a month consolidation phase. Although, it has cooled off briefly due to recent rejection. But it may claim more highs if the price continues to surge. 

Following weeks of consolidation above the $0.47 level, which acted as base support during the last bearish correction, EDU initiated a surge from $0.5 earlier this week and broke through $0.65 resistance to a high of $1.2 yesterday. 

Rejecting that high, the price retraced by 8% to where it is changing hands at $1 at the time of writing. Despite that, it still holds a 97% gain and remains one of the week’s best gainers, with a traded volume of $76 million in the last 24 hours. 

However, it is still displaying signs of strength on the weekly outlook while remaining technically bullish on the daily. Although, it has seen a slight drop in the past hours. Retaking yesterday’s high could fully recover the yearly high before deciding where to head next. 

Currently, the bears are showing signs of interest. If they act upon the latest drop by showing more commitment, the price may be lower in the coming days. 

Having increased by 2x since the start of the month, it appeared to be reaching an extremely overbought condition on the short-term scale. A weekly close under $1 would validate a correction. 

EDU’s Key Level To Watch

Source: Tradingview

Now that the rejected $1.2 level is held as resistance, a weekly close above it could advance the rally to March’s $1.34 resistance. The $1.5 level would be next if the price breaks up. 

The key $1 level has provided support in the past hours. If this key level collapses, the potential support levels to watch for dips are $0.8 and $0.65.

Key Resistance Levels: $1.2, $1.34, $1.5

Key Support Levels: $1, $0.85, $0.65

Spot Price: $1
Trend: Bullish
Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Filed under: Bitcoin - @ May 25, 2024 8:27 pm