$PIVX /USDT is showing promising signs of a sustained bullish trend, with its strong upward momentum backed by technical indicators. Here's a breakdown of the analysis:
Current Market Insights
Price Action: Trading at $0.3795, up 10.38% in 24 hours.
High and Retracement: After hitting $0.4150, the price has retraced and is consolidating.
Support: Strong support at $0.3600.
Resistance: Immediate resistance at the recent high of $0.4150.
Technical Indicators
1. RSI (Relative Strength Index):
At 69, suggesting strong buying pressure but not yet overbought.
Indicates room for further upward movement before correction pressures emerge.
2. MACD (Moving Average Convergence Divergence):
Displays continued bullish momentum, with no signs of reversal.
Trading Outlook
If buying pressure holds, PIVX has the potential to:
Retest $0.4150.
Break higher towards next resistance levels at $0.4300 - $0.4500.
Consolidation at this level offers a strategic entry point for traders eyeing a potential breakout.
A break below $0.3600 would invalidate the short-term bullish outlook.
Trade Strategy
Bullish Scenario: Enter near $0.3795, targeting $0.4150 and beyond, with a stop-loss below $0.3600.
Bearish Risk: Monitor for potential rejection at $0.4150, which could trigger a pullback to $0.3600.
Keep an eye on trading volumes and broader market trends for confirmation of a breakout or potential reversal.