EDU Technical Analysis: The Fallen Channel Is Broken, Is a New Page Being Opened?
EDU failed to make a break in the downtrend after touching the upper channel of the line in our analysis on March 25 and experienced a pullback to the lower channel of the trend. Despite the customs crisis, while all altcoins fell, today they broke this formation with a rise of 50%.
Today, the price has reached the level of $ 0.1419. The fact that the negative structure that has been going on for months has been broken out may indicate that expectations in the market have changed and the investor is getting hopeful again.
The falling channel structure on the chart had dragged the price down in a very disciplined way. However, the price that was thrown out of the channel with today's strong green candle indicates that a different scenario can be discussed now. Such fractures, especially if they come after a long-term compression, can have a serious potential behind them.
The price is currently based on the initial resistance at the level of $ 0.1461. If this zone is passed, the next targets are located much higher up.
Support and Resistance Levels
Supports:
- $0.1160 – $0.1100: New support area, upper band of the broken channel
- $0.0900: The last intra-channel dip level
- $0.0770: Main support
Resistors:
- $ 0.1461: Current resistance – the first test after the breakdown
- $0.1927 – $0.2108: Medium-term strong resistance zone
- $ 0.2710: The main target region – the level at which the channel decline begins
- 0.3484 – 0.3810 $: The area where the volume sales come from
- $0.5025: Long-term resistance – big return target
This break may be a signal not only of a short-term rise, but also of the beginning of a new era. If the closures above $0.1461 continue to come, it is highly likely that the upward movement will continue. In this case, the first target may be 0.1927 – 0.2100 dollars, and then the December of 0.27 – 0.35 dollars may be raised.
Therefore, the smartest thing to do right now is to observe whether it will be permanent above this level. Because the trend has been broken, but it may take a while for the new trend to sit down.
As a result, a whole new story may be starting for EDU. The last few months have been quite challenging. But this hard break today may be the harbinger of a brand new beginning both from a technical point of view and from the point of view of investor psychology. Moving out of the falling channel is not only a graphical change; it is also an indication that expectations are starting to change upwards. If this fracture becomes permanent, completely different levels can be discussed for EDU now.
These analyses, which do not offer investment advice, focus on support and resistance levels that are thought to create trading opportunities in the short and medium term according to market conditions. However, the responsibility for making transactions and risk management belongs entirely to the user. In addition, it is strongly recommended to use stop loss in relation to shared transactions.
