1. The general trend
It appears that the currency has seen a strong rise in the past and reached levels close to $5, but it has entered a continuous downward wave.
The overall trend since the peak in November or December 2024 has been downward, as the currency has lost a significant portion of its value.
Over the past few months, it seems that the price has stabilized between $0.5 and $1 with weak fluctuations.
2. Support and resistance
Main support: The current area around $0.5 acts as a support level, as it appears that the price has bounced off it.
Potential resistance: The first major resistance could be at $0.7 - $0.8, and if broken, we may see a test of $1 levels.
3. Trading volume
We notice that trading volumes were high during the rise, but they declined with the fall, indicating weak buying momentum.
Recently, there has been some increase in volumes, which may indicate the beginning of new interest.
4. Potential signals
If the price stabilizes above $0.5 and trading remains active, we may witness a bullish rebound.
If it breaks down below $0.5, the decline may extend to lower levels like $0.3 - $0.4.
5. The upcoming trend
The market needs a strong bullish signal (like breaking a resistance level with high trading volume) for there to be a real reversal.
As long as the price is below $1 without strong momentum, the trend remains weak.
In conclusion, I advise monitoring support and resistance levels and trading volume as we may witness a significant rise for this currency.
