Analysis of the $SCRT coin on the hourly frame:
It is clear that the SCRT/USDT coin has witnessed a strong rise recently,
1. Recent movements:
The price rose significantly to the level of 0.5554 before retreating slightly to 0.4835.
The daily percentage rise (+40.43%) indicates strong buying momentum.
2. Moving averages:
MA(7) > MA(25) > MA(99), which indicates a clear upward trend as prices are trading above the moving averages.
3. RSI (Relative Strength Index):
The current reading (82.09) indicates that the market is in an overbought area. This could mean a possible correction is imminent.
4. MACD:
MACD shows a bullish crossover with an increase in green bars. This is additional support for the continuation of the uptrend, but with signs of a possible slowdown due to overbought.
5. Next Level:
If the momentum continues, the price may try to test the previous resistance level at 0.5554 again.
In case of correction, the main support may be at 0.4373 (MA7) or 0.3702 (MA25).
My advice to you /
If you are thinking of entering the market, wait for a possible correction to closer support levels.
If you are already in the trade, it may be wise to lock in profits gradually or watch for any sign of a reversal.
