Date: Fri, Nov 15, 2024, 09:41 AM GMT
In the cryptocurrency market today, two trending memecoins have grabbed attention with sharp upward moves within the past hour. First, Peanut the Squirrel (PNUT) surged with a breakout, and now Act I: The AI Prophecy (ACT) has followed suit, spiking up by almost 5% after bouncing from a crucial support level.
Source: Coinmarketcap
Technical Outlook: Key Support Bounce
ACT's recent price action has formed an upward channel, with higher lows and higher highs indicating a well-defined bullish structure. The pair is currently trading near $0.75, maintaining its position above the moving averages, which are converging around the $0.74–$0.75 zone. This convergence serves as immediate support, reinforcing the bullish case.
On the 1-hour chart, ACT's price trajectory suggests it could continue upward if it sustains momentum above the lower trendline of the channel. The following technical factors support the possibility of a continued upside:
Higher Lows: The formation of higher lows within the channel suggests a steady accumulation of buying interest. This pattern often precedes upward breakouts, especially when paired with a strong support bounce.
Moving Average Cross: A recent moving average cross around $0.736 signals a short-term bullish trend. As long as the price stays above this level, it can serve as a dynamic support zone, enhancing the likelihood of upward movement.
Projected Path: The channel's upper boundary, currently near $1.10, serves as a potential target for the bulls. If the momentum continues, this could be a reachable level in the coming days, providing a potential upside of over 47% from the current price.
RSI Levels: The Relative Strength Index (RSI) is hovering near the neutral 50 level, slightly leaning toward the bullish side at 51.75. This suggests that ACT has room to push higher before reaching overbought conditions, potentially giving bulls more space to drive the price up.
Is an Upside Move Ahead?
While no prediction is certain, the technical indicators for $ACT point to a strong possibility of continued upward momentum. Traders should keep an eye on the support level around $0.6688 and the resistance target of $1.10. If ACT manages to break past interim resistance levels along the way, this could reinforce its bullish outlook and help it reach the upper boundary of the channel.
However, as always, caution is advised. Cryptocurrency markets are volatile, and price trends can shift quickly. For traders and investors, monitoring these key levels and technical indicators can provide more clarity on the direction of ACT's next move.
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Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
