Zclassic Rejects 40K Satoshi Support
A new bottom for Zclassic was achieved on May 31 after reaching the 40000 Satoshi psychological support level and promptly rejecting it. Within one month, the Satoshi area did climb to 400000, a massive 1000 percent expansion.
During April’s end, Zclassic continued dropping and managed to land at the 100000 Satoshi area, following by a Fibonacci retracement rejection at 88.6 percent. Even lower, the Zclassic and Bitcoin pairing formed a new duo low at 100000 following a sharp surge in price.
Zclassic did manage to break through the 50 MA and climbed to the 242000 Satoshi level and promptly rejected by the 50 percent Fibonacci retracement. Currently, the price may be stuck anywhere between the 100000 support level and the 240000 resistance. For any further climbing, a break above the resistance level or a crash below the support level is needed.
Additionally, a break past or anywhere near the resistance displays a possible positive climb upwards and Zclassic should be able to drag itself up to the 161.8 percent Fibonacci retracement level at 658000 Satoshi.
On the other hand, a break past or anywhere near the 100000 support level will drag down the price and may duo-bottom at 40000 Satoshi.