Key Levels
Support Levels:
- Primary Support at $3.90: The chart indicates that $3.90 is a crucial support level. If this level fails, the next significant support is around $3.20.
- Secondary Support at $2.86: This level represents a previous significant low and can act as strong support if the price declines further.
Resistance Levels:
- Primary Resistance at $5.16: This level acts as a near-term resistance. A breakout above this level could signal a potential uptrend continuation.
- Secondary Resistance at $6.65: This level represents a more substantial resistance zone that the price needs to overcome to establish a longer-term bullish trend.
Patterns and Indicators
Stochastic RSI:
Overbought/Oversold Zones: The Stochastic RSI is a momentum indicator. Currently, it indicates an oversold condition around 11.92, suggesting a possible bullish reversal if the price respects the support level.
Volume Analysis:
Increased Volume: There's a noticeable increase in volume, which typically signifies growing interest and can precede significant price movements.
Price Action and Forecast
1. Current Price Action: The price is currently around $3.997. It recently bounced off the support at $3.90, showing potential bullish strength.
2. If $3.90 Holds: A bounce from this level could see the price test the $5.16 resistance and potentially break higher towards $6.65.
3. If $3.90 Fails: A breakdown below $3.90 could lead to a decline towards $3.20, the next support level.
Support Levels:
- Primary Support at $3.90: The chart indicates that $3.90 is a crucial support level. If this level fails, the next significant support is around $3.20.
- Secondary Support at $2.86: This level represents a previous significant low and can act as strong support if the price declines further.
Resistance Levels:
- Primary Resistance at $5.16: This level acts as a near-term resistance. A breakout above this level could signal a potential uptrend continuation.
- Secondary Resistance at $6.65: This level represents a more substantial resistance zone that the price needs to overcome to establish a longer-term bullish trend.
Patterns and Indicators
Stochastic RSI:
Overbought/Oversold Zones: The Stochastic RSI is a momentum indicator. Currently, it indicates an oversold condition around 11.92, suggesting a possible bullish reversal if the price respects the support level.
Volume Analysis:
Increased Volume: There's a noticeable increase in volume, which typically signifies growing interest and can precede significant price movements.
Price Action and Forecast
1. Current Price Action: The price is currently around $3.997. It recently bounced off the support at $3.90, showing potential bullish strength.
2. If $3.90 Holds: A bounce from this level could see the price test the $5.16 resistance and potentially break higher towards $6.65.
3. If $3.90 Fails: A breakdown below $3.90 could lead to a decline towards $3.20, the next support level.