To predict the next move for the chart shown, several factors need to be considered:
Price Action: The chart indicates a recent strong upward movement, followed by a pullback. The current price ($0.7457) is below the recent high ($0.8680), suggesting a retracement.
RSI Indicator: The RSI (Relative Strength Index) appears to be coming down from overbought levels but still within the neutral range. This suggests weakening bullish momentum, and further downside could occur if RSI moves below 50.
Support and Resistance: The price is near a support zone (around $0.73–$0.74). If the support holds, a rebound is possible. Otherwise, the next support level could be lower, likely near $0.70 or $0.65.
Potential Scenarios:
Bullish: If the price holds the current support and RSI starts to turn upward, a recovery toward $0.80 or retesting the high at $0.8680 is possible.
Bearish: If the price breaks below the current support level, it may continue to decline toward the next significant support zones.
Recommendation:
Watch for:
Volume: Increased buying or selling volume near support/resistance levels could indicate the next move.
RSI Movement: A break above or below key RSI levels (e.g., 50 or 70) will give additional confirmation.
