Downtrend with Potential Reversal:
The price has been in a consistent downtrend, but a bullish inverted hammer is forming, which could indicate a reversal.
The price is currently sitting near a strong support zone (marked in red).
Support & Resistance Levels:
Support Levels:
Around $0.0186, $0.0183, and $0.0158 (red zones).
Resistance Levels:
$0.0217 (yellow), $0.0251, $0.0268, $0.0303, $0.0341, $0.0493, and $0.0611 (green zones).
Indicators & Moving Average:
The moving average (MA) is above the current price, acting as resistance.
A possible breakout above the MA could indicate further upside movement.
Bullish Scenario (Green Path Projection):
If price breaks above $0.0217 and $0.0251, we could see a strong recovery towards $0.0341 and potentially $0.0493 or higher.
Bearish Scenario:
If price fails to hold support around $0.0186 - $0.0158, further downside could be seen.
Conclusion:
A reversal seems likely, but confirmation is needed (break above resistance).
Watch for volume increase and price action near key resistance levels before making a move.
If bullish momentum builds, the price could follow the green trajectory towards $0.0341 - $0.0611.
The price has been in a consistent downtrend, but a bullish inverted hammer is forming, which could indicate a reversal.
The price is currently sitting near a strong support zone (marked in red).
Support & Resistance Levels:
Support Levels:
Around $0.0186, $0.0183, and $0.0158 (red zones).
Resistance Levels:
$0.0217 (yellow), $0.0251, $0.0268, $0.0303, $0.0341, $0.0493, and $0.0611 (green zones).
Indicators & Moving Average:
The moving average (MA) is above the current price, acting as resistance.
A possible breakout above the MA could indicate further upside movement.
Bullish Scenario (Green Path Projection):
If price breaks above $0.0217 and $0.0251, we could see a strong recovery towards $0.0341 and potentially $0.0493 or higher.
Bearish Scenario:
If price fails to hold support around $0.0186 - $0.0158, further downside could be seen.
Conclusion:
A reversal seems likely, but confirmation is needed (break above resistance).
Watch for volume increase and price action near key resistance levels before making a move.
If bullish momentum builds, the price could follow the green trajectory towards $0.0341 - $0.0611.
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.