The 1-hour chart for #CHR/USDT shows that the price is currently trading around $0.1738, slightly below a recent peak of $0.1749. The recent upward movement indicates strong bullish momentum, but the price is now showing signs of potential retracement after facing resistance.
RSI: The RSI is currently at 54.83, indicating a neutral sentiment. It suggests that the price may either continue consolidating or face a slight pullback before any further upward movement.
MACD: The MACD indicates a bearish crossover, with the histogram turning negative. This suggests that the recent bullish momentum is weakening, and a short-term correction could be on the horizon.
Resistance: The immediate resistance is found around $0.1749, which aligns with the recent high. A stronger resistance level lies around $0.1800.
Support: Immediate support is at $0.1640, with stronger support around $0.1600.
Bullish: If the price manages to hold above the $0.1738 level and breaks above the $0.1749 resistance, a push towards $0.1800 could be expected. However, traders should watch for a confirmation of the breakout.
Bearish: If the price fails to sustain above $0.1738 and the MACD bearish signal strengthens, a retracement towards $0.1640 or lower could occur, especially if selling pressure increases.
Disclaimer:
This analysis is for educational purposes only and should not be considered financial advice. Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. Always conduct your own research before making any trading decisions.
#6thTrade #MarketSentimentToday #BecomeCreator #Marketupdate
