The current price of $0.05465 has experienced a notable decline of -1.69% in the last hour, highlighting a strong bearish trend. This drop is further reinforced by the price being below the 200-period Simple Moving Average (SMA) at $0.05617, which typically signals a continuation of bearish momentum. The RSI stands at 21.22, deep in oversold territory, suggesting that while the asset may be due for a short-term bounce or reversal, the prevailing trend remains downward. The MACD also aligns with this bearish outlook, as the MACD line at -0.00081 is positioned below the signal line at -0.00125, and the histogram indicates a continuation of the downtrend. In a bullish scenario, stabilization and a move back above $0.05617 could target $0.06000, where resistance might occur. Conversely, if the price continues to fall, it may test lower support levels around $0.05000 and $0.04715.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Cryptocurrency trading involves substantial risk, and itâs crucial to conduct your own research before making any trading decisions.
