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Moving Averages

The 200-hour Simple Moving Average (SMA) at approximately 0.3281 currently acts as a resistance level. The price recently tested this level but has yet to break through with strong momentum, indicating a possible continuation of the bearish trend if this resistance holds.

Relative Strength Index (RSI)

The RSI on the 1-hour chart shows a reading around 71.26, indicating overbought conditions. This could signal a short-term pullback if the buying pressure weakens, especially near significant resistance zones.

Moving Average Convergence Divergence (MACD)

The MACD line has crossed above the signal line, showing a slight bullish divergence. However, the histogram's modest height suggests limited bullish momentum. If the MACD line crosses back below the signal line, this may confirm a reversal to the downside.

Support and Resistance Levels

Immediate Resistance: 0.3281 (200-hour SMA)Local Support: 0.3100, a recent swing lowKey Support: 0.2800, a major support zone if the price retraces further.

Bullish: A close above the 200-hour SMA at 0.3281 and sustained trading above this level could indicate a potential shift in momentum, possibly leading to the next resistance at 0.3500.Bearish: Failure to break above the 200-hour SMA and a confirmed MACD crossover to the downside may push the price toward the 0.2800 support level.

Disclaimer

This analysis is for informational purposes only and should not be considered financial advice. Always do your research before making any trading decisions.