Moving Averages
200-period SMA (1-hour Chart): The price is currently above the 200 SMA, which is around 2.905, indicating a potential bullish trend if it continues to stay above this level. This SMA could act as a support, and if the price maintains above it, it may suggest continued upward movement.
Relative Strength Index (RSI)
Current RSI: Approximately 36.06, which is below the midpoint and approaching oversold territory. This level suggests a bearish sentiment but also hints at a possible reversal if buying interest increases.
Moving Average Convergence Divergence (MACD)
MACD Line: -0.071
Signal Line: 0.006
Histogram: Negative, reflecting bearish momentum. The MACD line is below the signal line, suggesting selling pressure. However, the gap between the MACD and Signal Line could narrow if momentum shifts.
Volume Analysis
Volume: The recent trading volume is around 426.303K, indicating steady market interest. A surge in volume could support a move toward the next resistance level, while a decline may signal consolidation or continued bearish movement.
Support and Resistance Levels
Immediate Resistance: Approximately 3.800, where price has recently faced selling pressure. A breakout above this level with strong volume could indicate a resumption of bullish momentum.
Local Support: Around 3.200, highlighted as a key support level. A break below this level with substantial volume might reinforce bearish trends.
Bullish/Bearish Scenarios
Bullish Scenario:
Break Above 3.800 Resistance: If the price manages to break above this resistance level with substantial volume, it could confirm a bullish continuation.
Bearish Scenario:
Drop Below 3.200 Support: A decline below this level with significant volume could indicate a bearish continuation.