HIGHUSDT Perpetual on a daily timeframe from March 29, 2024, to 5, July 2024.
Overview:
Mark Price: 1.2537 USDT
Daily Change: -23.92%
High Point: 9.800
As per the charts it can be seen price was somehow stable with low Volatility but small candlestick are indicating very limited market participation. A sudden drop from its all time high has been recorded and since then there is no active up trend.
Since the market is crashing the consistency in dumping is very high which suggest that people are now not interested to buy more. They are waiting for a bigger dump so that they can buy at very low price because Still we are in a bullish market but small correction makes a bigger opportunity for investors to buy at very low price and sell high to maximise their profit.
RSI: according the relative strength index market is at extreme over sold territory which indicates a reversal for short term. When the RSI is below 15 it means now buyers are more interested and now 7 day RSI is at 12 which is highly attractive for big whales.
MA: price is currently trading below moving Average of 9 and 18 days which indicates a baerish market.
EMA: Price is currently below Exponential moving average of 50 and 100 days which indicates strong bearish but it can be keenly observed in the charts that market is below the ema but not too much which indicates at any moment market can take a pull back and stars its upward direction.
Price Movement:
Price before the dump was trading at 1.7 and took it momentum towards upward direction at 1.9 from there it dumped to 1.2.
Before the market dump i shared analysis in which i indicated market is highly bearish but still people were buying.
Market sentiments: for now market is extremely bearish but we can see a small reversal towards upside as RSI is in our favour right now in a very over sold territory. As the market is bearish for now but the holistic view of market is showing some signs where a bullish reversal can take place.
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Trade with caution.