Moving Averages
200-period SMA (30-minute Chart): The current price is slightly above the 200 SMA at approximately 2.330, indicating bullish momentum. The SMA level could act as a support if the price continues to stay above it, supporting further upward movement.
Relative Strength Index (RSI)
Current RSI: Approximately 48.32, which is slightly below the midpoint. This level indicates a neutral to mild bearish sentiment but leaves room for an increase if buying interest resumes.
Moving Average Convergence Divergence (MACD)
MACD Line: -0.004
Signal Line: 0.006
Histogram: Slightly positive (0.010), indicating mild bullish momentum. However, the MACD line is still close to the signal line, reflecting a weak bullish pressure that could go either way based on market interest.
Volume Analysis
Volume: The recent volume is around 823.933K, which shows consistent market interest. An increase in volume could support a breakout above the resistance level, while a decline may signal a consolidation.
Support and Resistance Levels
Immediate Resistance: Approximately 2.400, identified as a resistance zone where price has encountered selling pressure. A breakout above this level, especially with high volume, could signal a continuation of the bullish trend.
Local Support: Around 2.250, which is highlighted as a support level in the second chart. A break below this level with strong volume might indicate further downside risk.
Bullish/Bearish Scenarios
Bullish Scenario:
Break Above 2.400 Resistance: If the price breaks this resistance level with substantial volume, it could confirm a bullish continuation.
Bearish Scenario:
Drop Below 2.250 Support: A break below this support level with significant volume could lead to a bearish trend.