Following a 10% jump in the last 24 hours, Layer is back on a buy after taking a short break. Turning bullish again on a short-term scale, it looks strong daily as it prepares to break out to a new high.
Layer’s daily outlook is turning out more bullish on the daily chart due to the latest increase, which came after undergoing a three-day pullback.
The $2.8 level produced support, and the price bounced back to where it is changing hands at $3.2 at the time of writing. This bounce brought the bulls back in action and they are now on the verge of reclaim the $3.4 resistance level, which served as barrier in the previous swing high.
A successful break above this resistance level should send the price to a new high – expected around $5. Failure to break higher could lead to a slow-down in the rally while subjecting to a consolidation phase.
As of now, there’s no signs of weakness. If that happens, it may correct lower until it finds a solid ground level. Losing February low in the process could lead to a serious bearish move in the mid-term.
Looking back from where the price picked up in late Feruary, Layer has seen a nice growth with no signs of stopping at the time of writing.
Layer’s Key Level To Watch
Source: Tradingview
Aside from the immediate $3.4 resistance, there’s no key obstacle for the asset on the way up. If it flips this resistance, the next high may come at around $4 and maybe $4.5 in the near term.
In case of a drop, the closest support levels to watch for a rebound are $2.8, $2.3 and $1.9. If they fail to hold, $1 would be the next key level to watch more dips.
Key Resistance Levels: $3.4, $4, $4.5
Key Support Levels: $2.8, $2.3, $1.9
- Spot Price: $3.28
- 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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