Chart: D1
Current Market Trend: Bearish
Future Outlook: Bullish
PENDLE/USDT has been experiencing bearish sentiments in the few weeks thereby prompting a closer examination of its potential market dynamics.
TECHNICAL ANALYSIS
Chart Patterns:
1. Gann Fann captures the trend approaching its 1/1 spine at a price of $4.560 but never reached it before making a turn with the bulls.
2. Candle Stick: The current daily candle is a bullish candle that comes after an engulfing candle thereby reinforcing that the bulls are ready to roll!
Indicators
1. An examination of RSI with a length of 5 shows a divergence from the low of May to the low of June.
2. At present, price is above SMA with a period of 15.
3. DMI is yet to confirm if the bulls have enough power to hold the bears at a ransom for a couple of weeks as price is still trading below its benchmark of 40.
Conclusion:
The Gann Fan chart indicates three green lines, each with varying brightness and thickness. The thicker and deeper the line, the safer it is to buy. If I would buy, I would exit at the nearest resistance level on the daily chart.
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