The recent market movements have formed a Head and Shoulders (H&S) pattern, indicating a potential bearish trend. Given the precise rejection from the level above, it is plausible that the price could initially drop to the range lows.
However, it's worth noting that this is the fourth attempt to breach the 0.0112 level. Statistically, the fourth attempt often results in a breakout, suggesting that this level could potentially act as a local top. Despite this, a correction down to $0.01 would be considered healthy for the market, allowing for consolidation before any further moves.
Keep an eye on the key levels and market reactions, as these will provide insights into the next possible direction.
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