In a late bearish phase, with signs of weakness in the upward momentum 📉
Market Overview👀
The market is still in the late stage of the downtrend.
With a price peak at 0.00001235 on November 12, 2024, followed by a double top pattern that usually signals a potential bearish reversal.
Main support and resistance areas👈
Strong support: at the level of 0.0000104, where there is significant buying pressure.
Resistance: At higher levels, but the market lacks the momentum to break through at the moment.
The most important technical indicators👌
🔹 1. Double Top Model:
This pattern formed after the peak recorded in November, which increases the possibility of continuation.
Downward trend.
🔹 2. Death Cross:
In mid-December 2024, the short-term moving averages (0.0000117)
Crossing the long-term averages (0.0000116) to the downside, indicating weakness in
Medium term trend.
🔹 3. MACD indicator:
The divergence of the indicator from the price action indicates weak upward momentum, which is a signal that calls for
To beware of any temporary rise.
Recommendations for investors
1️⃣ Caution and anticipation:
It is advisable to stay out of the market for now and watch the key support level at 0.000011.
If this support is broken, the market may witness further decline.
2️⃣ Entry signals:
If prices stabilize above 0.000011 and volume returns to strong levels, there may be an opportunity to enter the market provided clear reversal signals appear.
3️⃣ If the decline continues:
If the support level at 0.0000104 is broken, the decline is likely to extend to lower levels.
Conclusion
Current situation: The market is weak with no clear upward momentum.
Technical Analysis: Death Cross and MACD Divergence Reflect a Potential Downtrend.
Recommendation: Stay on the lookout and avoid making hasty decisions until reliable reversal signals appear.
