In the midst of the intense fear prevailing in the crypto market, the PROVE/USDT currency shows notable performance indicating an attempt to build a new upward trend, despite the challenges.
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📈 General Trend
4-hour frame: The currency is moving in a strong upward direction, with the price above most moving averages up to 100 periods, reflecting buyers' control in the short term.
Daily frame: A signal of a potential reversal, where the price has breached the short-term averages (10 and 20), but is still below the larger averages (30 and 50), indicating the beginning of a new bottom formation.
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⚙️ Supports and resistances
Nearby resistance: between $0.77 and $0.82, which is a critical testing area to confirm the continuation of the bullish trend.
First support: near $0.74, while the most important support is between $0.69 and $0.71.
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📊 Momentum and indicators
On the short frame: MACD and Momentum indicators are giving clear buy signals.
On the daily frame: Positive momentum has begun to appear, but needs confirmation through a breakout above resistance.
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🧠 Market psychological analysis
Despite the extreme fear prevailing in the market, PROVE shows what is known as 'Relative Strength', indicating resistance to the general downtrend and an attempt to rise in a declining market — a positive sign indicating institutional or strong buying interest.
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⚖️ Final decision
The currency is technically strong but faces critical resistance.
🔸 Best strategy: wait for a clear breakout above $0.83 or wait for a correction to $0.74 before entering.
⚠️ Risk is medium to high due to the current price position and the overall strength of the market.