Technical Analysis for USTC/USDT - July 17, 2024
Current State
The current chart for USTC/USDT on KuCoin exchange shows a price of $0.02043, experiencing a decline of 3.18% in the latest trading session. The chart includes several crucial technical indicators and patterns that provide insight into the current market conditions and possible future price movements.
Exponential Moving Averages (EMAs):
EMA 50: At $0.01767, providing a strong support level below the current price.
EMA 21: At $0.01902, acting as a closer support level.
CARNAC Trading Support and Resistance:
The chart shows significant resistance around the $0.02200 level, which has been tested multiple times without a successful breakout.
Support is indicated around $0.01902, aligning with the EMA 21.
CARNAC Cycle Channel:
This indicator shows oscillation levels, with the current value at $1.16438 suggesting a moderate cycle phase. Historically, values around this level have been followed by increased volatility.
Stochastic RSI:
Stochastic RSI (3, 3, 14, 14) is currently at 56.62 with a %K value of 68.06, indicating neutral to slightly overbought conditions. This suggests potential for a pullback or consolidation before the next move.
MACD:
MACD (12, 26, 9) is slightly positive with the MACD line at 0.00025 and the signal line at 0.00104, indicating a recent bullish momentum but with weakening strength.
RSI with Support and Resistance (RSI + S&R):
RSI (14) is at 65.98, which is in the neutral to slightly overbought territory. This indicates a potential for a pullback or consolidation.
Historical Analysis
Looking back, USTC/USDT has experienced significant volatility with notable highs and lows:
March to June 2024: The price experienced a significant drop from around $0.024 to a low of $0.015, followed by a consolidation phase.
June 2024: The price rebounded, showing a recovery to the $0.022 level, which has become a significant resistance.
Current Trends: The market appears to be in a consolidation phase between the $0.020 and $0.022 levels, with recent bullish momentum suggesting potential for an upward breakout if the resistance at $0.022 is overcome.
Key Levels to Watch
Resistance:
$0.02200 (major resistance)
$0.02100 (minor resistance)
Support:
$0.01902 (EMA 21 and minor support)
$0.01767 (EMA 50 and strong support)
The technical indicators suggest that USTC/USDT is currently in a consolidation phase with potential for an upward breakout. The EMA support levels provide a strong foundation, while the resistance at $0.02200 will be critical to watch. The Stochastic RSI and MACD suggest a neutral to slightly bullish outlook, but caution is advised due to the potential for short-term pullbacks.
The current chart for USTC/USDT on KuCoin exchange shows a price of $0.02043, experiencing a decline of 3.18% in the latest trading session. The chart includes several crucial technical indicators and patterns that provide insight into the current market conditions and possible future price movements.
Exponential Moving Averages (EMAs):
EMA 50: At $0.01767, providing a strong support level below the current price.
EMA 21: At $0.01902, acting as a closer support level.
CARNAC Trading Support and Resistance:
The chart shows significant resistance around the $0.02200 level, which has been tested multiple times without a successful breakout.
Support is indicated around $0.01902, aligning with the EMA 21.
CARNAC Cycle Channel:
This indicator shows oscillation levels, with the current value at $1.16438 suggesting a moderate cycle phase. Historically, values around this level have been followed by increased volatility.
Stochastic RSI:
Stochastic RSI (3, 3, 14, 14) is currently at 56.62 with a %K value of 68.06, indicating neutral to slightly overbought conditions. This suggests potential for a pullback or consolidation before the next move.
MACD:
MACD (12, 26, 9) is slightly positive with the MACD line at 0.00025 and the signal line at 0.00104, indicating a recent bullish momentum but with weakening strength.
RSI with Support and Resistance (RSI + S&R):
RSI (14) is at 65.98, which is in the neutral to slightly overbought territory. This indicates a potential for a pullback or consolidation.
Historical Analysis
Looking back, USTC/USDT has experienced significant volatility with notable highs and lows:
March to June 2024: The price experienced a significant drop from around $0.024 to a low of $0.015, followed by a consolidation phase.
June 2024: The price rebounded, showing a recovery to the $0.022 level, which has become a significant resistance.
Current Trends: The market appears to be in a consolidation phase between the $0.020 and $0.022 levels, with recent bullish momentum suggesting potential for an upward breakout if the resistance at $0.022 is overcome.
Key Levels to Watch
Resistance:
$0.02200 (major resistance)
$0.02100 (minor resistance)
Support:
$0.01902 (EMA 21 and minor support)
$0.01767 (EMA 50 and strong support)
The technical indicators suggest that USTC/USDT is currently in a consolidation phase with potential for an upward breakout. The EMA support levels provide a strong foundation, while the resistance at $0.02200 will be critical to watch. The Stochastic RSI and MACD suggest a neutral to slightly bullish outlook, but caution is advised due to the potential for short-term pullbacks.
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.