1. General Trend:
• Current price: 0.31902, with an increase of +2.43%, but the price shows a downward correction from the recent high at 0.32910.
• Moving Averages (MA):
• EMA(7): 0.31959.
• EMA(25): 0.31973.
• EMA(99): 0.31866.
• The current price is below EMA(7) and EMA(25) but remains above EMA(99), reflecting the beginning of a correction.
2. Strength and Momentum Indicators:
• RSI(6): 25.80, indicating the market has entered oversold territory.
• Wm %R(14): -99.25, showing the asset has reached extreme oversold levels, which could lead to a potential reversal soon.
• Trading Volume: 275,864, a noticeable decline compared to previous sessions, indicating weakening momentum.
3. Support and Resistance Levels:
• Nearest Support:
• 0.31848: Immediate support based on the current low.
• 0.31687: Key support on the short-term, aligning with EMA(200).
• Nearest Resistance:
• 0.32050: Short-term resistance that needs to be surpassed to regain bullish momentum.
• 0.32910: The recent high and the primary resistance.
4. Correction Range:
• The current correction targets 0.31848 or even 0.31687 if the downtrend continues.
5. Continuation Probability:
• If the price holds above the support at 0.31848, a bullish reversal is possible.
• If support is broken, the next target would be 0.31687.
Recommendation
Short-Term Investment:
• Buy: At 0.31848 with a first target at 0.32050 and a stop-loss at 0.31650.
• Sell: If the price breaks the support level at 0.31848 decisively.
Medium-Term Investment:
• Buy: At the strong support level of 0.31687 with a target at 0.32500 and a stop-loss at 0.31500.
Additional Notes:
• Monitor signs of strength at support levels.
• Watch for RSI movement, which could support a reversal if it starts to rise.
