@WalletConnect
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Next Move of Trend: The chart shows the price currently testing a resistance level. The series of higher lows suggests bullish momentum. A break above this resistance could lead to a further upward move, potentially towards the next resistance level higher towards high. However, failure to break this resistance could result in a pullback towards the ascending trendline (red line) or the support level. The Relative Strength Index (RSI) is indicating neither overbought nor oversold conditions, leaving room for movement in either direction.
* Next Move of Trend According to SMC & Psychological Factors:
* Smart Money Concepts (SMC): To apply SMC, we would look for potential order blocks or areas of significant institutional buying or selling. The recent push upwards suggests potential accumulation by smart money. A break above the resistance could confirm this, with this level potentially acting as a breaker block if the price decisively moves above it. Look for reactions at the high as a potential area where smart money might take profit or initiate reversals.
* Psychological Factors: The recent positive price action (+3.07% today) and the formation of higher lows might induce FOMO (Fear Of Missing Out) in traders, encouraging more buying pressure if the resistance breaks. Conversely, if the price fails to break the resistance, traders who bought near the high might experience fear and sell, leading to a pullback. The psychological level could act as a significant support.
