SpreadCoin found the bottom at $0.23, that has been tested on the 13th of June. Since then price went up and today breaking above the 200 Moving Average, not to mention that price produce a new higher high.

This could be the beginning of a corrective wave up, or even a trend reversal. The very strong resistance is near $0.5 area, that is confirmed by two Fibonacci retracement levels applied through the two highs established on 30th of April and 23 of May. If the resistance will be reached, SPR/USD will gain over 50% and this could happen in a very near future.

The downside risk at this point is very low, however it SPR will go below already established support at $0.23, bears could once again begin to dominate this SpreadCoin.