In the previous analysis:
1. Key support at $1.0485: The price was consolidating at this level, with a potential risk of breaking lower.
2. Bearish pressure persisted: EMA 7 and EMA 25 were above the price, confirming a bearish trend.
3. Recommendations:
Buy at $1.0485 support with a strict stop-loss.
Wait for a confirmed breakout above EMA 25 at $1.1570, signaling a stronger bullish reversal.
Update
Based on the current chart:
1. Current price at $1.2792: The price has rebounded from the $1.0485 support and surpassed both EMA 25 and EMA 7, breaking above the critical $1.1570 zone.
Technical indicators:
RSI: Now at 71.61, indicating overbought conditions with strong buyer dominance but potential for correction.
MACD: Bullish crossover confirmed, reflecting positive momentum.
Volumes: Noticeably higher, validating the bullish breakout.
Key level breached: The previous resistance at $1.1570 has turned into potential support.
Updated Analysis and Forecast
Bullish scenario:
If the price holds above $1.25, the next bullish target lies at $1.35 or even $1.40 with strong demand.
Bearish scenario:
A correction could bring the price back to $1.1570 (former resistance). This would present another buying opportunity for those who missed the initial entry.
Updated Recommendations
For holders:
Buy now: Although less risky than earlier, the overbought RSI suggests waiting for a potential pullback.
Accumulate at $1.1570 if the price revisits this level, with a stop-loss just below.
For cautious traders:
Wait for a clear breakout above $1.30 with strong volumes before entering.
In conclusion the previous recommendation to wait or buy at $1.0485 has proven effective, as the price has rallied significantly. Now, a more cautious approach is advisable due to overbought conditions. For those already in, consider a partial take-profit near $1.30 or higher.