Price rallied until $0.04 where it found resistance corresponding with the 21 period moving average and promptly reversed.
The weekly candle made an inverted hammer which is a bearish sign.
However, the MACD has made a bullish cross and is heading upward, but is not positive yet.
A look at the 3-day chart gives similar information.
Price found resistance at the 50-period MA and the Ichimoku cloud and promptly reversed.
It is currently above the 7 and 21 periods MAs, which are close to making a bullish cross. The MACD has turned positive; however, it has started to lose power.
A look at the Daily chart gives more information about the reversal.
Price created significant bearish divergence in both the RSI and the MACD prior to the reversal.
The daily candle has an extremely long wick starting from the resistance area.
Short-Term Outlook and Price Prediction
A look at the 12-hour chart shows an even more pronounced bearish divergence.
The support area at $0.018-0.02 is outlined, formed by previous support and the cloud.
Finally, a look at the 6-hour chart shows that besides the divergence, the 6-hour candle with the highest volume was that of the drop from $0.035 to 0.03.
With the structure present, I believe the price will test the $0.018-0.02 support soon and try to make another rally to at least the highs of $0.35.
If the support area is broken (which I believe is unlikely) the next support area is at $0.15
- Price is moving in a descending support line.
- There is medium-term bearish divergence.
- The support areas are at $0.018-0.02 and $0.013-0.015 respectively.
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