1. Price trend:
The general trend of the pair in the past months shows a clear upward trend with some pullbacks.
After reaching the top at 0.00002836, the price started to decline again.
2. Moving Averages (MA):
MA(7) (yellow line): Shows the short-term price action and is currently in a bearish crossover with MA(25) (red line), indicating selling pressure.
MA(25) and MA(99): The current situation indicates that the price is below the longer averages, which may indicate further weakness in the near future.
3. Support and resistance levels:
Support: A strong support level is seen near 0.00001793 based on the recent decline.
Resistance: The nearby resistance is at 0.00002188 which could hinder the price action if it tries to rise.
4. Trading Volumes:
Trading volume is significantly higher during periods when the price is at the top of an uptrend.
The current decline in price is accompanied by a decrease in volume, indicating a decline in market momentum.
5. Change rate:
It shows a decrease of 10.07% in the last 24 hours, indicating the control of sellers.
Expectations:
If the price manages to hold the support level at 0.00001793, we could see an upward bounce towards 0.00002188.
If the price breaks this support, it is likely to drop to lower levels that may reach 0.00001104.
Conclusion: The market currently looks bearish with the potential to continue falling if no strong buying momentum emerges soon.
