From the chart provided
Key Observations:
Price Action:
The price has seen a strong upward trend, peaking at 3.3308, but has started to decline, forming a series of red candles.
The current price is 2.7601 and is testing a potential support level near 2.75.
Volume:
Volume increased during the uptrend but is now declining as the price pulls back.
This suggests that the selling pressure is moderate, but further volume confirmation is needed
RSI (Relative Strength Index):The RSI is heading downwards, indicating fading bullish momentum and potential for further correction.
RSI is not yet oversold (below 30), so the decline could continue.
Next Move:
If the price holds above the 2.75 support level, there is a chance of a bounce-back rally.
If selling pressure increases and the price breaks below 2.75, it could test lower support levels, such as 2.50 or 2.00.
Key Levels to Watch.
Immediate Support: 2.75
Next Support: 2.5.
Resistance: 2.95 and 3.33 (previous high.
Recommendation.
Watch for price reaction near 2.75. If it consolidates and shows reversal signals (like a green candle with high volume), it could be a buy opportunity.
If the support breaks, wait for a retest at a lower level.
