Technical Indicators Overview:
Price vs 200 MA: SCRT/USDT is trading above its 200 MA ($0.3098), reflecting a bullish bias. However, recent price movements suggest sideways consolidation.
RSI (Relative Strength Index): RSI is at 47.16, near the neutral zone, indicating neither overbought nor oversold conditions.
MACD (Moving Average Convergence Divergence): MACD line has turned slightly negative, reflecting weakening bullish momentum. The histogram also suggests waning momentum.
Support and Resistance Levels:
Support: Strong support lies around $0.3000-$0.3200, aligned with the 200 MA and a previously tested demand zone.
Resistance: Resistance is observed at $0.3700-$0.3800, a region that has faced selling pressure multiple times.
Volume Analysis:
Volume has declined from the earlier uptrend phase, suggesting reduced participation and possible continuation of consolidation.
Key Observations:
Price is oscillating within a narrow range, indicating indecision among market participants.
A breach above $0.3700 with increasing volume could validate a bullish breakout.
Failure to hold $0.3000 may lead to further downside.
Market Structure:
The market is showing signs of consolidation between $0.3000 and $0.3700, awaiting a breakout in either direction.
