$LAYER experienced a sharp correction after reaching ATH $3.40, forming a freefall pattern without significant rebound. The chart shows a straight upward movement followed by a free fall, referred to as a "roller coaster" by the community on X.
No bullish patterns such as bullish flag or inverted head and shoulders are currently detected, indicating dominance of selling pressure.
Support: $1.20 (S2 Fibonacci), $1.00 (psychological). If the price falls below $1.20, it may drop to $0.80-$1.00.
Resistance: $1.50, $2.00 (psychological). To regain bullish momentum, the price must break through $1.50 with high volume.
RSI: Not specifically mentioned, but with a 64% decline in 7 days, it is likely in the oversold zone (<30), which could trigger a rebound if selling pressure eases.
Moving Averages: The current price is likely below the 50 and 200-day EMA/SMA, indicating a short-term bearish trend.
Volume: A decrease in trading volume (-44.9%) indicates a lack of buyer interest, exacerbating the correction.
Bullish: If the price stabilizes above $1.20 and volume increases, the price target could reach $1.50-$2.00 in 1-2 weeks.
Bearish: If the $1.20 support is breached, the price may potentially drop to $0.80-$1.00, especially if negative sentiment continues.