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The coin shows exceptional stability despite the general market correction in recent weeks. The buyer is actively developing a bullish tendency. Within the upward movement, we don’t see any fixations or other abnormal activities indicating a reversal. The instrument is moving within the bullish channel configuration, which is bounded by two inclines. Volumes have increased many times in recent weeks and most of it is going into buying.
The coin has been developing strongly technically in recent months, which also affects the rate of the asset. We have two strong incline supports - global and local ones. All major magnets are located above the current price, and market participants perceive any corrections as an opportunity to average positions and buy more.
The Directional Movement Index (DMI) is bullish, as the Positive Directional Indicator (+DI) and the Negative Directional Indicator (−DI) lines crossed from the below to above, after which +DI was strongly ahead of -DI in terms of movement dynamics. The Average Directional Index (ADX indicator) is moving below the median values, indicating increased volatility in the asset.
#RSI and other classic indicators favor the buyer. It is important for the buyer to hold the $13.399 area and not fall below both inclines, since in this case our local bullish trend will be annulled, we will descend into the area where the market is pumped with volume, and we may linger there for weeks. Going below $10.457 completely marginalises the bullish trend and changes the tendency. The buyer only needs to continue to grow within the ascending channel and break through the $18.266 area, beyond which there is a marginalisation of the seller.
The result is that the likely movement of the asset will be an #upward trend, but it is worth carefully monitoring the area of 0.5 Fibo and two inclines. If the seller is able to push the asset below, we will face a further correction.
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