1. Price forecast (short-term and medium-term)
Short-term forecast: The price is likely to continue fluctuating in the range between $3.80 and $4.20. If the price holds the support at $3.80, then we can expect an attempt to break through the resistance at $4.20.
Medium-term forecast: In case of a confident breakout of the $4.20 level with volume support, the price may continue to grow with targets in the range of $4.50 - $5.00. However, if the price breaks the $3.80 level downwards, the next target for the decline will be the $3.50 level and then $3.20.
2. Support and resistance levels
Support level:
$3.80 is a key support level. The price has bounced off this level before.
$3.50 and $3.20 are support levels that will become relevant if $3.80 fails to hold.
Resistance level:
$4.20 is the nearest resistance level that needs to be passed for the growth to continue.
$4.50 is the resistance level in case of a successful breakout of $4.20.
$5.00 is a potential medium-term target.
Long and short scenarios with probability assessment
🟢 Long scenario: If the price bounces off $3.80 with volume support, the probability of growth to $4.20 and further to $4.50 - $5.00 is high. The bounce from this level has already shown effectiveness in the past, which makes it important for buyers.
🛑 Short scenario: If the price breaks through $3.80 downwards with increased volumes, the probability of a decline to $3.50 and $3.20 increases. This will be a signal that buyers have lost control and the market is coming under the control of sellers.
⚠️ General conclusion
is at an important support level of $3.80, which will determine further price movement. If this level is held, we can expect growth to $4.20 and above. However, a breakout of $3.80 downwards could open the way to a deeper decline to $3.50 and $3.20. It is important to monitor the price reaction and volumes at $3.80 to determine the exact strategy for entering and exiting positions.
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