Trend Overview:
Medium-Term Trend: The overall trend appears bearish, with the price continuing to trade below the 200 SMA.
Short-Term Trend: A continuation of lower highs and lower lows signals sustained selling pressure.
Chart Patterns:
The price is consolidating near a critical support zone, potentially forming a descending triangle pattern, which could indicate further downside risk.
Indicators Analysis:
RSI (Relative Strength Index): RSI is at 38.26, suggesting the asset is in the oversold territory, which might result in a short-term rebound or consolidation.
MACD (Moving Average Convergence Divergence): The MACD line remains below the signal line, with a negative histogram indicating continued bearish momentum.
Support and Resistance Levels:
Key Support:
Primary: $0.420 – A significant support zone where buying pressure might emerge.
Secondary: $0.350 – A deeper support zone that aligns with historical price action.
Key Resistance:
Immediate: $0.480 – A level that has acted as a pivot during recent price action.
Next: $0.530 – The 200 SMA, which also serves as a psychological barrier.
Volume Analysis:
Decreasing volume during recent price action suggests a lack of strong buying interest, confirming the bearish trend.
Moving Averages:
200 SMA: Positioned at $0.530, acting as a dynamic resistance level.
Shorter Moving Averages: These indicate bearish momentum as they slope downward and remain below the 200 SMA.
ACT/USDT remains under significant bearish pressure, with technical indicators and volume confirming the downtrend. Traders should watch the $0.420 support level for signs of either a breakdown or a short-term rebound. A move above $0.480 might indicate a shift in momentum, but overall sentiment remains cautious.