$ACT Will decline further:
Based on the chart, let's analyze the chart indicators for the ACT/USDT pair:
Key Observations:
1. Current Price and Trend:
The price is currently at 0.6696 USDT, showing a -9.40% decline.
The 1-hour candlestick chart indicates a downward trend, as shown by the lower lows and lower highs pattern.
2. Moving Averages (EMA):
EMA(7) (Yellow Line): 0.7036
EMA(25) (Red Line): 0.7258
EMA(99) (Purple Line): 0.6690
The price is below the EMA(7) and EMA(25), and it just crossed below the EMA(99). This crossover is typically a bearish signal, indicating a continuation of the downward trend.
3. RSI (Relative Strength Index):
The RSI(6) value is at 21.2380, which is in the oversold region (below 30). An RSI below 30 often indicates that the asset is oversold, suggesting a potential bounce-back or consolidation. However, it can also signal strong bearish momentum if it stays oversold for an extended period.
4. Stochastic RSI:
The Stochastic RSI value is at 4.3940, which is extremely low, indicating an oversold condition. A value below 20 typically suggests that the asset is oversold and may experience a short-term rebound. However, if bearish pressure is strong, the oversold condition can persist.
5. Volume:
The trading volume is relatively high at 20,407,379.5, which could indicate strong selling pressure, contributing to the downward price movement.
Conclusion:
The combination of oversold conditions on both the RSI and Stochastic RSI, along with the price breaking below key EMAs, suggests that while there is a possibility of a short-term bounce due to oversold conditions, the overall trend remains bearish.
If the price continues to stay below the EMA(99) and fails to recover above the EMA(7) and EMA(25), it is likely to decline further.
Watch for a potential support level around the 24h Low of 0.6634. If it breaks below this level, it could indicate further downside.
