Trend Overview:
Medium-Term Trend: The pair shows a significant recovery as the price consistently trades above the 200 SMA. This indicates a transition into bullish territory after prolonged consolidation.
Short-Term Trend: Higher highs and higher lows reinforce the short-term bullish momentum.
Chart Patterns:
The price has broken above key resistance levels, particularly around the $1.00 psychological zone, confirming bullish breakout patterns.
A clear ascending triangle breakout was observed, supporting the upward trajectory.
Indicator Analysis:
RSI (Relative Strength Index): RSI at 79.95 indicates overbought conditions, suggesting the possibility of a pullback or consolidation in the near term.
MACD (Moving Average Convergence Divergence): MACD line is above the signal line, and the histogram shows strong bullish momentum.
Support and Resistance Levels:
Support Levels:
Primary: $0.90, a recent accumulation zone providing immediate support.
Secondary: $0.75, aligned with the 200 SMA and previous consolidation levels.
Resistance Levels:
Immediate: $1.10, the recent high where selling pressure could emerge.
Next Target: $1.25, a potential upside if the breakout sustains.
Volume Analysis:
Increasing volume during the breakout phase confirms the validity of the bullish move. Sustained higher volume will be crucial for further upward momentum.
Moving Averages:
The 200 SMA at $0.739 acts as dynamic support, validating the long-term trend shift.
Shorter moving averages are trending upward, aligned with the recent price surge.