$PHA coin analysis on the hourly frame:
1. General trend:
The trend is strong upward based on the price increase of +86.01% in 24 hours.
Moving averages (MA) indicate positive momentum:
MA(7) is above MA(25) and MA(99), which supports the continuation of the upward trend.
2. Technical indicators:
RSI(6) at 76.53: indicates that the market is in the overbought zone, which means a temporary correction or pullback is possible.
MACD is in the positive zone with the gap between the DIF and DEA lines increasing, which supports the upward momentum.
3. Parabolic SAR: Dots below the candles, which confirms the upward trend
Support and resistance levels:
Resistances:
First resistance: $0.5009 (highest peak achieved in 24 hours).
2nd Resistance: $0.5200 (Possible psychological level based on technical analysis).
Supports:
1st Support: $0.4279 (Current Parabolic SAR level).
2nd Support: $0.3802 (Possible correction area in case of a decline).
3rd Support: $0.3359 (MA(25) as a major support).
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Recommendations♥:
For buyers:
If you are thinking of buying, wait for a correction towards the first or second support to avoid buying at the top.
Make sure to monitor RSI levels to see if the overbought zone is over.
For sellers:
You can place sell orders near the first resistance ($0.5009) with a stop loss above the second resistance ($0.5200).
Notes:
Watch the volume which reflects the strength of the upward movement.