JOE has recently flipped the $0.3 resistance level into a robust support on its 1-day (1D) chart. For traders and investors, this signals a strong bullish undertone. Flipping a resistance level into support is often seen as a milestone, indicative of a potential trend reversal.
The Next Hurdle: 200-Day Exponential Moving Average (EMA)
JOE isn’t stopping at the $0.3 flip. It has now set its sights on flipping the 200-day Exponential Moving Average (EMA) on the 1D chart. For the uninitiated, the 200-day EMA is a lagging indicator that averages out the price data over the last 200 days. A bullish flip here would confirm the strength of this newfound uptrend and could act as a launchpad for higher price levels.
Should JOE succeed in flipping the 200-day EMA, analysts predict an almost immediate surge towards the $0.5-$0.6 range in the short term. This would signify a roughly 60% to 100% increase from the $0.3 level, providing significant upside potential for early adopters and new entrants alike.
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Show more +It’s worth noting that JOE has been gaining considerable attention recently, partly justified by its impressive price performance. According to CoinMarketCap, the cryptocurrency has seen a remarkable surge in price with a 25% spike, adding credence to the technical indicators that suggest a bullish future. JOE is trading at $0.32 at press time.
In summary, JOE appears to be on the cusp of a pivotal trend reversal. Having flipped the $0.3 resistance into support and aiming to conquer the 200-day EMA next, it’s a coin that traders should keep an eye on for potential short-term gains.
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