Trend Overview:
Medium-Term Trend: Bearish, as the price has been consistently trading below the 200 SMA but recently showed signs of breaking upward momentum.
Short-Term Trend: Recent recovery with higher lows indicating a potential short-term bullish reversal.
Chart Patterns:
The price is trading near a resistance zone after breaking out from a descending channel.
Consolidation within a narrow range suggests indecision but hints at an upcoming breakout.
Indicators Analysis:
RSI (Relative Strength Index): Currently at 64.47, indicating bullish momentum but approaching overbought territory.
MACD (Moving Average Convergence Divergence): MACD line is above the signal line, and the histogram is positive, confirming bullish momentum.
Support and Resistance Levels:
Key Support:
Primary: $0.0070 – Corresponds to a recently tested and validated support zone.
Secondary: $0.0065 – Previous strong demand zone that aligns with a consolidation range.
Key Resistance:
Immediate: $0.0080 – Psychological resistance, currently being tested.
Next: $0.0095 – A critical level where sellers are likely to emerge.
Volume Analysis:
Increasing volume suggests strong interest at current levels, particularly during the breakout attempts. Sustained volume will confirm trend continuation.
Moving Averages:
200 SMA: Positioned at $0.00709, acting as dynamic support, confirming the reversal structure.
Shorter moving averages are starting to slope upward, aligning with recent bullish momentum.