NAV Coin Technical Analysis 9/04/18: Poised for short-term breakout, bigger picture

NAV Coin Technical Analysis (9/04/18): Short term breakout incoming, long term outlook.

NAV Coin is currently moving withing a massive long term wedge and squeezing tight within a shorter time frame uptrend and downtrend. When NAV moves, it moves big, and the potential is there both short and long term. The fundementals behind this project are fantastic as well, I suggest you have a read of my review on Steem or on my website.

Short Term Outlook

NAV: Short Term

Firstly, we can see that price action is moving in a very tight band between the uptrend and downtrend lines in black. 12k sat's is proving to be strong support (marked W-1) and RSI is in a clear uptrend. Volume needs to pick up but NAV will break out of this pattern very soon.

Ultimate break out target is the top of the larger wedge (red line) approximately around 29k sats. Keep an eye on the various fib levels on the way up, particularly where there's a convergence of resistance and fib at the W+1 level (~19-20k sats). If it does break to the downside, there's strong support from both the major uptrend line (green) and the W-2 support at 10k sats.

Also keep in mind there's a lot of uncertainty around BTC right now and major shifts in BTCUSD will likely impact alts, including NAV.

Long Term Outlook

NAV:Big Picture

As mentioned, NAV is bouncing in between a massive wedge indicated by the green and red trendlines. RSI has broken out of the long term downtrend and I'm expecting price action to follow suit shortly with a upward move within the wedge.

I expect NAV to channel within this wedge for the next several months but when it breaks out it should be huge, with a lower end fib target of 60k sats and an upper end fib target of 100k sats. Note that these are long term targets. If the wedge ultimately breaks down, NAV should find support at W-1, W-2 or W-3 before rebounding.

Summary

I believe there is a great opportunity both short and long term for a coin with great fundamentals. Note that this is not financial advice and is only my own thoughts on the price action of NAV. I do not recommend making any moves based solely on my outlook, especially not without understanding the fundamentals behind the coin.

If you do decide to purchase some NAV, please consider making use of my Binance referral link

If you found this insightful or helpful, please upvote. You can also follow me here, on Twitter @crypto_advocate or keep up to date on my site https://cryptoadvocate.net

Tip Jar

NAV: Ni6xz2BSifCsAAKuLsL7BFWs6WY1cfBZe7
ETH: 0xEFC6eb094CA849DB9b8628B6cC9c1e601ECf21bc

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Coins mentioned in post:

CoinPrice (USD)📈 24h📈 7d
BTCBitcoin7141.460$2.63%1.68%
ETHEthereum417.568$7.18%7.67%
NAVNavCoin0.887$5.35%8.48%
STEEMSteem1.961$4.34%31.18%