The price is slightly above the 200-period SMA at $0.10165, which has acted as a support level. However, the current pullback suggests that the price could retest this moving average as a support level.The RSI is at 33.99, indicating that the market is nearing the oversold territory. This could suggest that the price may find support soon, potentially leading to a bounce back if buyers step in.The MACD line is at 0.00023, slightly above the signal line at -0.00039, showing a bullish crossover. However, the momentum appears weak, and the MACD histogram indicates a potential bearish divergence, which could signal further downside risk.
Bullish Scenario:
If the price holds above the $0.10314 level and manages to bounce back, the next targets could be around $0.105 and $0.110, where previous resistance is observed. A break above these levels could indicate the continuation of the bullish trend.
Bearish Scenario:
If the price fails to hold above the current level and drops below the 200-period SMA at $0.10165, it could fall back to the previous support levels around $0.098 and $0.093, with further downside risk if selling pressure increases.
#SahmRule #Market_Update #MarketSentimentToday #6thTrade
Disclaimer:
This analysis is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and carry a high level of risk. conduct your own research before making any investment decisions.
