Right now we are seeing an attempt to stabilize the price $UP after a significant drop from the level 0.1816. Currently, the asset is trading at 0.1729.
Moving averages (MA):
The price has finally consolidated above the short-term MAs (7) and MA (25).
This is a positive signal indicating a change in local sentiment from bearish to neutral-bullish.
However, the main resistance in the form of MA(99) at the level of 0.1779 still remains above — its breakthrough will be the main trigger for growth.
RSI(6) Indicator:
The indicator 55.76 is in a comfortable zone. We have exited the oversold zone, but still have a significant upside potential before the market becomes overheated.
Volumes (VOL):
A gradual decline in selling volumes is observed, indicating the exhaustion of bears. The appearance of green volume candles at the current level confirms buyer interest.
🚀 Forecast and strategy
Scenario:
Further consolidation is expected within 0.1700 – 0.1750.
If the asset holds support at 0.1716 (MA25), the next target will be the zone of 0.1780 – 0.1810.
🎯 Recommendations:
Accumulation:
Current levels (0.1720) look attractive for forming a long position with the first target at closing the drop to 0.1780.
Confirmation:
For a confident entry, it is worth waiting for the hourly candle to close above 0.1740.
Risks (Stop Loss):
It is recommended to set the stop below the local minimum of 0.1626 or below the psychological level of 0.1680.
Summary:
The asset has found its "bottom" and is ready for a technical rebound. The key is to monitor volumes as it approaches the level of 0.1780.
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