Current price: approximately $21.61, with a market cap of $279.3 million.
Overall trend: The price is trading within a descending channel on the daily timeframe, oscillating between key support and resistance levels.
Support Level: $21.5 - $22 (near bottom).
Resistance Level: $25 - $26 (upper limit of the current range).
Technical Indicators:
Moving Averages (EMA/SMA): Price is below the exponential moving average ($34) and simple moving average ($33.81), indicating weak bullish momentum.
Relative Strength Index (RSI): At 43.73, reflects a neutral state without a clear trend (neither overbought nor oversold).
MACD Indicator: Shows a slight bearish signal (MACD line below the signal line), supporting continued volatility or downward pressure.
Trading volume: $25.48 million (volume to market cap ratio 0.1213), indicating moderate liquidity.
Short-term forecast:
If the price breaks above $26 with increased volume, it may target $30 - $33.
In case of breaking support at $21.5, it may retreat to $17.7 - $20 (recent historical low).
Recommendation:
For buying: Wait for a breakout above $26 with confirmation from MACD (signal line crossover) or RSI rising above 50.
For selling/neutral: If trading continues below $25, it is preferable to wait for clearer bullish signals.
The market is volatile, so it is advised to monitor news and general market movements for cryptocurrencies.
Note: Cryptocurrency markets are extremely volatile, so all risks should be studied and capital management used cautiously.
