$NOT Develops A Falling Wedge: Rally Looms?
After spotting the Shooting Star on the daily time frame, the correction continued in the previous week.
Hence:
🔸 Support of $0.018 broken ✅
🔸 Support of $0.017 tested ✅
Breaking it down even further, a falling wedge is forming on the 4H chart. The attempt to break the upper trendline of the wedge was touch & go yesterday. Even today when things were looking promising for some time, it turned out to be a fakeout. So back inside the falling wedge triangle again. 📉
A little weakness is still prevailing as the price is below 20 & 50 DMA and the retest of $0.017 can't be ignored. Breaking this further will take the price down to the levels of $0.016. There's a very thin probability of reversal from this point and if it doesn't happen then the next level to watch out for is $0.015.
🚫 The worst case scenario: If it fails to hold the wedge and breaks below it, then it will bleed even further and may hit $0.011 or even $0.01.
✅ But in the event of a successful breakout from the wedge, it'll excel it's journey towards $0.02 and the next hurdle will be $0.022. Subsequently a new high could be on the horizon if it breaks the above resistances with good volume.
The situation is very sceptical, even if you're shorting then place your trades with strict stop loss.
