What do these candles indicate and where is the market heading? Clarifying the history of May 3, the current time ⏱️ is 1:30 Cairo time ✅🚀🚀🚀✅
Visible chart analysis: very clearly
$EOS
🎁BP4M6OII4H🎁
Currency pair: EOS/USDC/$EOS
Current price: 0.7178 USD
Change over 24 hours: +3.27%
Highest price in 24 hours: 0.7634
Lowest price in 24 hours: 0.6928
Visible technical indicators:
EMA 7 (Yellow): 0.7269 — the current price is below this average, indicating short-term selling pressure.
EMA 25 (Pink): 0.7233 — the price is also below this average.
EMA 99 (Purple): 0.6994 — the price is still above this average, indicating that the overall trend is still upward in the medium term.
RSI (6): 28.12 — the relative strength index is below 30, indicating that the market is in a selling oversold area and a bounce may happen soon.
Trading volumes: clearly declining, indicating current momentum weakness.
Candles:
There are clear bearish candles after reaching the peak of 0.7634.
The last candle shows a lower wick, which may indicate a rejection of the low price and an attempt to bounce back.
Overall trend:
Current short-term trend: bearish due to the break of short averages.💵✅⏱️✅
However, there is a possibility of a bounce from the EMA 99 level (around 0.6994) if the current support continues and liquidity increases.🚀🚀
Forecast:
If the price settles above 0.70 with an increase in volume, the price may bounce back and retest the 0.7269 area or even 0.74.🚀
If the level of 0.70 is broken and closed below, it may head to 0.6856 or lower.🚀🚀🚀
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