1. Overall Trend
Short-Term Trend: The price has shown a strong recovery and is trading above the MA200 (currently at $0.5881), which indicates a bullish sentiment.
Long-Term Trend: Despite recent volatility, the trend shows a gradual upward recovery supported by higher lows.
2. Support and Resistance Levels
Support:
Immediate support lies at $0.60, which aligns with the demand zone in the recent price action.
A stronger support is at $0.55, a level where the price consolidated before the recent breakout.
Resistance:
Immediate resistance is at $0.70, where the price is currently facing selling pressure.
Stronger resistance is at $0.80, marking a key psychological and historical level.
3. Technical Indicators
RSI (Relative Strength Index): The RSI is at 58.34, indicating moderate bullish momentum but with room for further upside before reaching overbought levels.
MACD: The MACD is slightly bullish, with the signal line and histogram confirming upward momentum, though it is not overly strong.
Volume: Volume has increased significantly during the recent rally, suggesting strong buyer interest.
4. Cluster and Zone Analysis
Demand Zone: A key demand zone is visible between $0.55–$0.60, where buying activity has been consistent.
Supply Zone: Selling pressure is observed in the $0.70–$0.75 region, which could act as a short-term resistance area.
Actionable Insight: Watch for a breakout above $0.70 with volume confirmation for a potential bullish continuation. On the downside, $0.60 serves as a key support level to monitor for a potential pullback entry. Traders should keep an eye on volume, as it plays a critical role in determining the next move.
