The currency has risen
The network's token rose by 8.2% over 24 hours, climbing from $16.29 to $18.50, establishing strong support at $18.03, but facing resistance in the $18.47-$18.50 range, according to the technical analysis model from CoinDesk Research.
The CoinDesk 20 Index - which tracks the top 20 cryptocurrencies by market capitalization, excluding stablecoins, meme coins, and exchange tokens - rose by 6.3% during the same time period.
Technical Analysis
• The price movement formed a clear upward trend with higher lows establishing support at $18.03, while notable increases in trading volume at $17.40 and $18.07 confirmed strong buyer interest.
• A notable resistance area appeared around $18.47-$18.50, where profit-taking occurred after the initial rise, although the asset retained most of its gains and appears ready for further increases if it can break this level with sustainable trading volume.
• In the last sixty minutes, the token showed notable fluctuations with a clear downward trend, dropping from $18.24 to $18.19, representing a decline of 0.28%.
• The asset experienced significant price fluctuations, reaching a high of $18.64 before facing strong selling pressure that pushed prices down to $18.14.
• A short recovery attempt formed with three consecutive green candles, but this rise failed at resistance, confirming the bearish sentiment that dominated the latter part of the session.
Token data