Moving Averages
200-period SMA (1-hour Chart): The current price is above the 200 SMA at approximately 2.7668, indicating a bullish trend. As long as the price remains above this level, it may act as a support, maintaining the bullish momentum.
Relative Strength Index (RSI)
Current RSI: Around 51.39, close to the midline, indicating a neutral to slightly bullish sentiment. This suggests there is room for further movement in either direction, depending on market interest.
Moving Average Convergence Divergence (MACD)
MACD Line: 0.0327
Signal Line: 0.0489
Histogram: Slightly negative (-0.0162), suggesting mild bearish momentum. The MACD line is below the signal line, indicating weak bearish pressure, though the trend may shift if positive momentum picks up.
Volume Analysis
Volume: Recent volume is approximately 1.211 million, reflecting strong market interest. Increased or sustained volume could support a breakout, while a decline may signal consolidation.
Support and Resistance Levels
Immediate Resistance: Around 3.3500, identified as a zone where the price has faced selling pressure. A breakout above this level with strong volume may confirm a continuation of the bullish trend.
Local Support: Approximately 3.1500, identified as a support zone in the second chart. A move below this level, especially with high volume, could indicate potential bearish momentum.
Bullish/Bearish Scenarios
Bullish Scenario:
Break Above 3.3500 Resistance: A breakout above this resistance with significant volume might confirm bullish momentum
Bearish Scenario:
Drop Below 3.1500 Support: A move below this support level with strong volume could confirm a bearish reversal.