🔍1. Trend and Key Levels
General trend
In the medium term: We see a clear downtrend, marked by two wide blue trend lines (the upper line from the peak around $3.3, the lower from the local lows).
Recent weeks: Consolidation in a wide range between $2.72 and $1.98, with frequent attempts to break out.
📌2. Support and resistance levels
Green lines (resistance):
$3.16 — the historical peak of this wave, very strong resistance.
$2.72 — another strong resistance, around which the price was rejected several times.
$2.46 — local resistance, currently the price is below this level.
Red lines (support):
$1.98 — very important support, tested several times already.
$1.56 — lower support, coinciding with the lower line of the downtrend channel.
3. Market formations and structure
Declining channel: Wide channel marked by two blue lines. Price is moving in its lower half.
Short-term descending triangle: Visible at current levels – local peaks are getting lower, and support is around USD 1.98.
Volume: Volume advantage visible on descending candles.
📊4. Indicators
RSI
Currently around 40 — No clear advantage of the buyer side, slightly below the neutral zone. RSI does not give a signal of overbought or oversold.
RSI-based MA — Oscillates below the level of 50, which confirms the downtrend.
MACD
MAD and signal lines are below zero, without clear divergence.
Histogram: Slight advantage of bears – there is no signal to reverse the trend yet.
🧠5. Near-term scenarios
Bullish
Condition: Breakout above the local downtrend line (~$2.20–$2.25) and return above $2.46.
Target: $2.72 (test of resistance), further move possible to $3.16 in case of strong gains.
Bearish
Condition: Breakout and close below $1.98.
Target: $1.56 (main channel support), and even lower – lower channel line.
Sideways scenario
Further consolidation possible in the range of $2.46–$1.98, until a breakout from this range occurs.
📊6. Sentiment and summary
Medium-term trend: Down.
Buyers are weak, RSI low, MACD does not give a rebound signal yet.
Key level to watch: 1.98 USD – if it falls, the next stop is 1.56 USD.
Only a return above 2.46 USD may give the first signals of a trend change.
🧠Recommendation
For long-term players: Be careful, do not blindly catch the bottom.
For speculators: Play for a rebound only with a short stop below 1.98 USD.
For investors: Wait for a signal confirming a breakout from the channel or a clear divergence on the indicators.
General trend
In the medium term: We see a clear downtrend, marked by two wide blue trend lines (the upper line from the peak around $3.3, the lower from the local lows).
Recent weeks: Consolidation in a wide range between $2.72 and $1.98, with frequent attempts to break out.
📌2. Support and resistance levels
Green lines (resistance):
$3.16 — the historical peak of this wave, very strong resistance.
$2.72 — another strong resistance, around which the price was rejected several times.
$2.46 — local resistance, currently the price is below this level.
Red lines (support):
$1.98 — very important support, tested several times already.
$1.56 — lower support, coinciding with the lower line of the downtrend channel.
3. Market formations and structure
Declining channel: Wide channel marked by two blue lines. Price is moving in its lower half.
Short-term descending triangle: Visible at current levels – local peaks are getting lower, and support is around USD 1.98.
Volume: Volume advantage visible on descending candles.
📊4. Indicators
RSI
Currently around 40 — No clear advantage of the buyer side, slightly below the neutral zone. RSI does not give a signal of overbought or oversold.
RSI-based MA — Oscillates below the level of 50, which confirms the downtrend.
MACD
MAD and signal lines are below zero, without clear divergence.
Histogram: Slight advantage of bears – there is no signal to reverse the trend yet.
🧠5. Near-term scenarios
Bullish
Condition: Breakout above the local downtrend line (~$2.20–$2.25) and return above $2.46.
Target: $2.72 (test of resistance), further move possible to $3.16 in case of strong gains.
Bearish
Condition: Breakout and close below $1.98.
Target: $1.56 (main channel support), and even lower – lower channel line.
Sideways scenario
Further consolidation possible in the range of $2.46–$1.98, until a breakout from this range occurs.
📊6. Sentiment and summary
Medium-term trend: Down.
Buyers are weak, RSI low, MACD does not give a rebound signal yet.
Key level to watch: 1.98 USD – if it falls, the next stop is 1.56 USD.
Only a return above 2.46 USD may give the first signals of a trend change.
🧠Recommendation
For long-term players: Be careful, do not blindly catch the bottom.
For speculators: Play for a rebound only with a short stop below 1.98 USD.
For investors: Wait for a signal confirming a breakout from the channel or a clear divergence on the indicators.
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.
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.