From the chart:
1. Market Sentiment: The price has broken above the descending trendline, indicating a potential shift from a bearish to bullish sentiment. The breakout is accompanied by a noticeable price surge (+23.75%), suggesting buying pressure.
2. Key Levels:
Resistance: $0.13607 (marked by the red dashed line).
Support: $0.11939 (current ask price) and the trendline acting as potential support after the breakout.
3. Next Move:
If the breakout is sustained, the price may attempt to test the $0.13607 resistance level. A successful break above this level could lead to further upward momentum toward $0.15 or higher.
However, if the price fails to hold above the trendline, it may retrace to test lower support levels around $0.11.
4. Indicators:
RSI appears to be rising, potentially entering overbought territory, indicating strong momentum but caution for a possible pullback.
Volume increase supports the strength of the breakout.
Strategy:
Bullish Case: Wait for a retest of the trendline or support before entering long positions, targeting $0.13607 and beyond.
Bearish Case: If the price fails to hold above the breakout, consider shorting with a stop loss above the trendline.