Trend Direction: Down (Bearish)
Evidence and confirmation:
1. Price below all EMAs (7, 25, 99):
EMA(7) = 2.1450
EMA(25) = 2.1540
EMA(99) = 2.1742
This indicates strong selling pressure and dominance of the downtrend.
2. Lower High & Lower Low:
Price continues to form lower peaks and troughs, indicating an ongoing bearish trend.
3. RSI(6) = 23.53:
RSI is very low, signaling oversold conditions. However, this is not a buy signal unless there is confirmation of a reversal.
4. Negative & widening MACD:
MACD histogram and MACD line are below zero and declining ā indicating bearish momentum is still strong.
5. Increased volume during the last red candle:
Strengthened volume alongside price decline confirms high selling pressure.
6. Nearest support at 2.1320 has been touched:
This could be a price reaction area. If broken, the decline may continue.
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š Conclusion:
Current trend: Bearish (down)
Recommendation:
Short (sell) if there is a pullback to EMA(7) or EMA(25) and does not break through.
Avoid long entry before there is confirmation of a direction reversal (e.g., bullish divergence, strong reversal candle, or RSI rising from oversold).$XRP
