$S

After hitting a peak around $0.4189, the price has been in a pretty clear downtrend. It's now sitting at $0.3018, which is a drop of nearly 9% in the last 24 hours alone. 📉

What the chart is telling us:

* Clear Reversal: This isn't just a small dip; this is a full-on trend reversal. The price has not only broken below the short-term MA(7) at $0.3179, but it's also fallen well below the MA(25) at $0.3467 and the MA(99) at $0.4060.

* Strong Bearish Signal: When the price is trading below all of these key moving averages, it's a very strong bearish signal. It means the momentum has shifted completely to the downside on all timeframes.

* Next Stop? There isn't a lot of strong support visible on this chart until you get to the previous low around the $0.25 mark.

My Take:

The path of least resistance for #S right now looks like it's to the downside. If you're holding, this is a good time to be extra cautious. Don't fight the trend, especially when the signals are this clear.

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