has Some More Correction Pending
"No way it's going to decline, it'll only go up from here." They said.
"Have patience and wait for some time, technicals don't lie." I said.
And the rest was fuelled by yesterday's correction.
📊 So, looking on the 4H chart Not is still trading below:
🔸The descending trendline.
🔸 20DMA (Daily Moving Avg.) or known as the middle band in the bollinger band.
🔸 Also it broke below 50DMA which shows further bearishness.
What to expect next?
Since Not is unable to sustain above its key support level of $0.02 and declining deeper, we have to watch out for these major support levels:
$0.018, $0.017 & $0.016 respectively.
If it breaks below the lower band of the bollinger band and closes, Not will bleed deep. Also the current movement is not showing any kind of strength and for the price to stabilize it'll take support on the 100DMA. That will take place somewhere around $0.015-0.014.
So, could be a good time to buy the dip if it reaches those levels.
As far as the daily chart is concerned, my stance is still depending on the 'Shooting Star' candle that changed the course of its movement.
Sentiments are catalysts that make or break the market, but that is temporary. Technical Analysis is the foundation and works 95% of the time.
Fundamentals are always the key. 📈