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.
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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