- Price Action: The price has touched or moved near the lower band, which may indicate a short-term support area. However, since the price continues to move lower, it could signal bearish momentum.
- Support Levels: Around $1.30: This seems to be a key level where the price found temporary support after the recent drop.
- Resistance Levels: Around $1.50: The price struggled to break above this level in the recent bounce, making it a key short-term resistance.
- Bearish Candles: The latest candlesticks show strong bearish momentum, with long red candles, indicating aggressive selling pressure.
- Watch for Reversal Patterns: Look for candlestick reversal patterns (e.g., hammer, doji) near the current support zone to signal a potential bottoming.
- Short-Term: The market is still in a clear downtrend, but the price is approaching a potential support zone between $1.30 and $1.08. A bounce from this area is possible, but further confirmation from candlestick patterns and volume is needed.
- Medium-Term: A break above $1.50 and higher would be necessary to signal a potential trend reversal. Otherwise, the downtrend may continue, especially if the price fails to hold support around $1.30.
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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.