1. The basic price movement:
The couple recently witnessed a strong buying "attack" that raised the price from levels of $0.004502 to the daily peak at $0.006182. This is a huge green candle that attracted a lot of attention.
However, what followed is the most important: a violent and consecutive selling wave that pushed the price down sharply, finding itself currently at $0.005820 with a decline in trading volume after the peak.
2. Moving average indicators (MAs):
* MA(7) - $0.006550: This is the first level we should look at. Currently, the price is clearly trading below this average. A return to the price and a breakout above this line will be an initial signal of an attempted rebound or stability.
* Selling pressure: It is clear that the longer averages (like MA(25) and MA(99)) have not been tested yet in this short rise, but the rapid price drop below MA(7) indicates that buying momentum has faded quickly.
3. Trading volumes (Volume) and OBV indicator:
* The daily trading volume (24h Vol) is 117.71M USDT, a significant figure that confirms the presence of liquidity and interest.
* The red color dominates: If we look at the volume bars (Vol), we find that the selling volumes (red bars) have become dominant on the chart at the moment, after the green volumes were the main driver for the rise. This reinforces the idea that sellers are temporarily in control.
🧐 Expected scenarios
1. Stability and rebound scenario:
The key is to maintain support. If the price can stabilize and hold above the $0.005449 area (today's low), and attempt to break above $0.006182, we may see a new upward round.
2. Scenario of continued correction (most likely now):
If the red bars continue to appear, the greater likelihood is a return to test the deeper support levels from which the recent upward movement began.
Summary:
The movement was a quick "pump" wave followed by a near-complete correction. We are now in a phase of determining the next direction. Traders should be cautious and monitor the aforementioned support/resistance levels.
