Price is in a Downtrend, however, it had a bullish breakout from Falling Wedge pattern, above $0.15 resistance, which could signal at least a temporary bullish trend reversal with +25% potential upside to $0.20. Stop Loss at $0.12.
This is a riskier trade setup because itās a trend reversal not a trend continuation setup. Itās against the overall downtrend.
Weekly Price Analysis
7-Day Change: +7.3%
Week Open Price: $0.1308
Week Close Price: $0.1417
Trend:Ā Short-term trend is Strong Down, Medium-term trend is Strong Down and Long-term trend is Strong Down.
Momentum:Ā Price is neither overbought nor oversold currently, based on RSI-14 levels.
Support and Resistance:Ā Nearest Support Zone is $0.10.Ā Nearest Resistance Zone is $0.15, then $0.20.
Indicators
Relative Strength Index (RSI): 58 (indicating a neutral market sentiment)
Moving Average Convergence Divergence (MACD): Positive, suggesting potential bullish momentum
Bollinger Bands: Price is near the upper band, indicating the asset might be overbought
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