As much as I love the project fundamentally and hope for its success, technical analysis suggests there's still a long way to go.
The downward momentum began after a strong bounce on the 12H timeframe, and it's still showing significant strength. However, this could slow down soon and potentially reverse once it reaches the Fibonacci 1.3 range.
The downward momentum began after a strong bounce on the 12H timeframe, and it's still showing significant strength. However, this could slow down soon and potentially reverse once it reaches the Fibonacci 1.3 range.
Note
A similar observation can be made on the 3H timeframe, where moving averages, MACD, and candles all point to a bearish trend.
Note
For now, we'll monitor how it unfolds on the lower 45m timeframe. If a bottom pattern, divergence, or a structure break forms, then perhaps the storm will begin to clear, and things might start looking brighter.
Note
With the 45m timeframe moving sideways and a divergence appearing on the 3H timeframe, we can finally consider the possibility of an uptrend from a technical perspective.
However, when comparing this to BTC over the same period, the lack of a correlated movement at ATH suggests that this coin might be following its own unique dynamics and players in the market.
Note
Back on the 12H timeframe, we now have a golden cross. Let's see if this helps steer the price back toward the mean.
Note
That was a strong candle on the 12H timeframe, signaling a move back toward the mean. While we should watch for potential resistance, the bullish momentum appears solid.
The lower timeframes show strong bullish movement with clear breaks of structure and supporting indicators across the board. To observe potential drawdown, the 22m timeframe is where we should be most vigilant.
Note
ATH has hit a strong ceiling on the 12H timeframe, contrasting with BTC's bullish momentum.
On the 90m timeframe, ATH is showing a clear sideways movement. If this is as far as ATH can go for now, it might be time to prepare for a potential pullback and look for an entry at a lower bottom.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.