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1. Current Price: $2.4593, reflecting a 5.44% drop.
2. EMA Indicators:
âą EMA(200): Positioned at 2.3720, which is acting as a crucial support level. The price is currently above it, indicating this level is holding as a key floor for now.
âą EMA(50): At 2.5075, the price is trading below this shorter-term EMA, which shows some bearishness in the short term.
âą EMA(21): At 2.5029, similar to the EMA(50), this shows the price is under short-term moving averages, signaling short-term weakness.
3. Recent Highs and Lows: The 24-hour high is 2.6067, while the low is 2.4205, indicating a narrowing range with some downward momentum.
4. Volume: The volume traded over 24 hours is quite significant with 294.51 million WIF and 736.57 million USDT, but it appears to be tapering off as seen in the volume bars, which could be indicative of waning momentum.
5. MACD: The MACD line is just slightly below the signal line with very little negative divergence. The MACD histogram is relatively flat, suggesting a neutral or slightly bearish outlook, but it doesnât signal any strong trend at this point.
6. RSI:
âą RSI(6) is at 39.86, approaching oversold levels, which could indicate a potential for a bounce or consolidation before further movement.
âą RSI(12) is at 42.33, and RSI(24) at 46.38, both of which are close to neutral territory but show a bias towards the downside.
7. Key Levels:
âą Support: EMA(200) at 2.3720 is a critical support level. A break below this could lead to a further downside, possibly retesting the 2.0921 level.
âą Resistance: The immediate resistance levels are the EMA(50) at 2.5075 and EMA(21) at 2.5029. If the price manages to break above these levels, the next significant resistance is around 2.8070, the recent high.
Conclusion:
The current trend is bearish with no strong reversal signals, but the RSI indicates that the asset is nearing oversold levels.Support at 2.3720 is criticalâif the price breaks below, further downside is possible, while a move above 2.5075 could restore strength to buyers.
