Technical Analysis of $SCRT /USDT Based on Chart
The provided chart of SCRT/USDT indicates key price movements and trends that can help form a basis for trading decisions. Here's a breakdown:
1. Current Price Movement
The price is trading at 0.5191 USDT, with a significant 33.55% gain in the last 24 hours.
Recent upward momentum indicates bullish activity, likely driven by strong volume and positive market sentiment.
2. Moving Averages
MA(7): Positioned at 0.3405, showing the price is significantly above the short-term trend, confirming strong bullish momentum.
MA(25): Positioned at 0.4403, the price has also broken this mid-term resistance, turning it into a potential support level.
3. Volume Analysis
The trading volume for SCRT shows strong activity, with 134.13M SCRT traded in the last 24 hours.
Rising volume confirms the strength of the price movement, validating the bullish trend.
4. Resistance and Support Levels
Support: The first major support zone is around 0.440 USD, which aligns with MA(25) and recent pullbacks. A breakdown below this level may lead to further declines toward 0.384 USD, the 24-hour low.
Resistance: The next resistance level is around 0.684 USD, the 24-hour high. Breaking this could push the price toward psychological levels like 0.75 USD or 0.80 USD.
5. RSI and Momentum
The chart does not display RSI, but given the sharp upward movement, SCRT may be entering an overbought territory. A slight pullback or consolidation is possible before another rally.
6. Candlestick Pattern
Recent green candlesticks indicate a strong bullish push, with no significant wicks, signaling decisive buying pressure.
7. Longer-Term Trends
Over the past 90 days, the price has gained 131.40%, indicating a medium-term recovery from bearish trends.
The longer-term performance (-11.75% for the year) suggests the asset is rebounding from previous lows, likely gaining renewed investor interest.
Potential Scenarios
Bullish Case
If SCRT maintains its position above 0.50 USD and sustains high volume, the price could test 0.60–0.68 USD resistance zones. A breakout above 0.68 USD could trigger further upward movement.
Bearish Case
A breakdown below 0.440 USD may lead to a decline toward 0.384 USD. If this support fails, the price may revisit lower levels around 0.30 USD.
Recommendation
Buying Opportunity: Consider buying on pullbacks near 0.44–0.46 USD, provided the bullish trend remains intact.
Profit-Taking: Set take-profit levels at 0.60 USD and 0.68 USD to capitalize on upward momentum.
Stop-Loss: Place stop-loss below 0.40 USD to manage downside risk.
Conclusion
SCRT/USDT shows strong bullish momentum, supported by significant volume and moving average crossovers. While the short-term trend is positive, traders should watch key levels and volume trends to confirm continued strength or prepare for pullbacks. Always manage risk and trade based on clear strategies.
