AI/USDT - 1D chart1. General Technical Signals:
This is the AI/USDT daily chart, showing a potential Elliott Wave scenario (5-wave bullish pattern).
The price has been in a long-term downtrend but appears to be forming a base around the $0.15 - $0.19 area, suggesting accumulation.
2. Ichimoku Cloud:
The price is currently trading below the Ichimoku cloud, indicating the prevailing downtrend.
However, it is approaching the Kijun-sen and may test the lower edge of the cloud (dynamic resistance).
A breakout above the cloud (around the $0.28 - $0.42 zone) would confirm a stronger bullish reversal.
3. RSI (Relative Strength Index):
RSI is rebounding from the oversold area (above 30), currently around 37.
A further rise above the 50 level would strengthen the bullish case.
4. MACD (Moving Average Convergence Divergence):
The MACD line has crossed above the Signal line with green histogram bars consistently printing for the last 39 days.
This bullish divergence suggests increasing momentum to the upside.
5. Volume:
Trading volume is relatively low and stable, indicating a period of accumulation.
6. Fibonacci Retracement Levels:
The price is currently near the 0.236 Fib level (~$0.28) which is acting as a minor resistance/support.
Key upside targets based on Fibonacci are:
0.5 Fib: ~$0.42 (likely target for Wave 1).
0.618 Fib: ~$0.49 - $0.58 (potential Wave 3).
1.272 and 1.618 Fib: ~$0.84 and $1.03 (potential Wave 5 targets in a strong bullish scenario).
7. Short-term & Mid-term Outlook:
Short-term: A potential bounce towards $0.28 - $0.42 (Wave 1) is possible before a correction back to ~$0.28 (Wave 2).
Mid-term: If the price holds $0.28 support and breaks above the cloud, it could aim for $0.58 (Wave 3).
Long-term: The most bullish scenario would see price reaching $0.84 - $1.03 (Wave 5), but this would require significant confirmation through volume and price action.
8. Risks:
If the price fails to hold the $0.19 - $0.15 range, the long-term downtrend may continue.
Watch for strong resistance and selling pressure near the cloud area ($0.28 - $0.42).
Conclusion:
Technical indicators are turning bullish, especially with the MACD crossover and RSI recovery.
Key focus should be on price action within the Ichimoku cloud area (~$0.28 - $0.42) for confirmation of a breakout or rejection.
