$OAX Will decline to 0.12$:
A decline to $0.12 would represent a significant drop from the current levels. Here's a short analysis of whether this scenario is likely:
Key Factors to Watch:
1. Support Levels:
$0.1697 (EMA7): Immediate support. A break below this could lead to further downside.
$0.1600 (EMA25): A stronger support zone.
$0.1469: The 24-hour low and a key level to watch for bearish continuation.
$0.12: This is a major support zone and could be tested in the case of a significant market-wide correction.
2. Overbought Indicators:
RSI & Stochastic RSI: Currently near overbought levels. If momentum weakens, profit-taking could lead to a decline.
3. Volume:
If the current surge in volume fades, selling pressure could increase, accelerating a price drop.
Probability of $0.12:
Unlikely in the short term unless:
There's a market-wide bearish sentiment or major selling pressure.
Key support levels at $0.1469 and $0.1600 are broken.
Conclusion:
A decline to $0.12 is possible but would likely require a broader market correction or loss of bullish momentum. Monitor the $0.1469 and $0.1600 support levels closely; if these break, further downside could be on the table.
