Overall Trend:
The 1-hour chart of ACT/USDT shows a recent bullish breakout, following an extended period of downward consolidation. The price has broken above the 200-period moving average (MA), signaling a potential trend reversal.
Support and Resistance Levels:
Support:
Immediate support lies at $0.60-$0.65, marked by the recent breakout zone and demand cluster.
Stronger support can be identified at $0.45-$0.50, aligned with the previous accumulation phase.
Resistance:
The price is currently facing resistance near $0.75-$0.76, the recent high of the rally.
If $0.76 is breached, the next target could be $0.90-$1.00.
Technical Indicators:
RSI (Relative Strength Index):
The RSI is at 66.90, approaching the overbought region (above 70). This indicates strong bullish momentum but suggests a potential short-term correction or consolidation.
MACD (Moving Average Convergence Divergence):
The MACD histogram shows bullish momentum, with the MACD line significantly above the signal line. This supports the continuation of the upward trend in the short term.
Volume:
Volume surged significantly during the breakout, indicating strong buying interest. However, a decline in volume in subsequent candles suggests caution is warranted.
Chart Patterns:
A head-and-shoulders pattern was visible in the prior downtrend, which was invalidated after the breakout above the neckline around $0.60. This confirms the reversal into a bullish trend.
The breakout is supported by a downtrend channel break, signaling renewed bullish momentum.
Cluster and Zone Analysis:
Demand Zone (Support): $0.60-$0.65 represents a key support zone, where buyers stepped in strongly to push the price higher.
Supply Zone (Resistance): $0.75-$0.76 is a critical resistance zone that the price is struggling to surpass.
ACT/USDT is showing strong bullish momentum after breaking above its previous consolidation range and the 200-MA. However, the resistance near $0.75-$0.76 will be crucial to watch.
Actionable Insight: Consider buying on a breakout above $0.76 with a target of $0.90-$1.00. Alternatively, look for entries near the $0.60-$0.65 support zone for a safer setup. A stop-loss below $0.60 is recommended to manage risk.