Current Scenario
At the moment, the price is sitting at $3.3725, reflecting a massive 27.68% gain over the last 24 hours. This analysis focuses on the 15-minute timeframe, which is perfect for tracking short-term momentum. Right now, the price is trading close to the 21-period EMA, hinting at some consolidation after the recent rally.
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Key Levels to Watch
1. Resistance Levels
$4.0767: This is the recent high and a significant resistance point that buyers need to break.
There's also minor resistance around $3.50, where the price faced rejection earlier.
2. Support Levels
$3.3442: This aligns with the MA (Moving Average) 99 line and acts as a key support for bulls.
$3.06-$3.10: This zone is a psychological support level, previously showing some strong consolidation.
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Indicator Insights
OBV (On-Balance Volume): The high volume here confirms strong interest during the rally.
MACD: A bearish crossover has formed, which could point to short-term weakness or consolidation.
Stochastic (%K = 15.68): It’s deep in the oversold zone, so a potential rebound could be on the cards.
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Target Price
If the bulls manage to take control, the next targets are $3.50 and $4.00. On the flip side, a break below $3.34 could bring the price down to retest the $3.10 support zone.
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Conclusion
Right now, the price seems to be consolidating after its sharp rally. Watch out for the key levels mentioned, as they’ll dictate the next move. The indicators suggest short-term weakness, but the oversold conditions also hint at a possible bounce. K
eep an eye on volume and momentum for confirmation!
