Analyzing the chart you provided, here's a breakdown and possible prediction of the next price movement:
Key Observations:
Current Price Action:
The asset is in a corrective phase, with
The pullback is approaching a possible support level near $0.57.
upport and Resistance Levels:Immediate Support: $0.57 (if broken, the next support might be around $0.50–$0.52). the price trending downward after failing to sustain above the $0.63–$0.72 resistance zone.
Immediate Resistance: $0.63–$0.65 (if breached, the price may test $0.72 again).
RSI (14):RSI is approaching oversold territory. If it dips further, it may indicate weakening momentum, but a bounce is possible if the RSI rebounds.
Trend Momentum:
The price is forming lower highs, which suggests bearish pressure in the short term.
Prediction (Next Move):
Bearish Scenario (Higher Probability):I
f the price breaks below $0.57, further downside can be expected, with the price potentially testing the $0.50–$0.52 zone.
Bullish Scenario (Lower Probability):I
f the price finds strong buying support near $0.57, a rebound could push it back to the $0.63–$0.65 resistance zone. A breakout above $0.65 might lead to retesting $0.72.
Recommendation:
Monitor the $0.57 level closely.
Look for confirmation through RSI or volume spikes for either a reversal or continuation.
Trade cautiously, and consider setting stop-loss orders to manage risk.
