Moving Averages:
200-period SMA (4h Chart): Positioned around 0.007295, while the current price is approximately 0.006923. The price is below the 200 SMA, suggesting bearish momentum in the medium term. The SMA could act as a resistance if the price attempts to rally.
Relative Strength Index (RSI):
Current RSI (4h Chart): 43.61, which is in the lower neutral range. This indicates mild selling pressure, but the RSI is not yet in the oversold zone.
Moving Average Convergence Divergence (MACD):
MACD Line: -0.000101
Signal Line: 0.000275
Status: The MACD line is below the signal line, suggesting a bearish trend. The negative histogram bars indicate that downward momentum may continue unless a reversal pattern appears.
Volume Analysis:
Volume levels appear consistent with recent trading activity, indicating steady but not overwhelming selling pressure. A surge in volume could indicate a potential continuation or reversal, depending on the price movement.
Support and Resistance Levels:
Immediate Resistance: Around 0.007295 (aligned with the 200 SMA), which could act as resistance if the price tries to break upward.
Local Support: Around 0.006800, serving as a key support level from recent lows. A break below this could confirm further downside.
Bullish/Bearish Scenarios:
Bullish Scenario:
Bounce from 0.006800 Support: If the price holds above this support and RSI stabilizes, there could be a short-term recovery.
Bearish Scenario:
Break Below 0.006800 Support: If the price fails to hold this support level and selling pressure continues, it could lead to further downside.
