Price Action & Technical Indicators (1H Chart)
Current Price: $1.976 (+11.76%)
• 24h High: $2.1319
• 24h Low: $1.4550
Trend:
• Strong bullish momentum in the last few hours, price recovered from $1.3758 low on Aug 7 to near $2.00.
• Breaking above 1.8372 resistance zone and heading towards the psychological level of $2.00.
Parabolic SAR:
• Dots are now below the candles → confirms bullish bias.
Moving Averages (MA5 & MA10):
• MA(5) has crossed above MA(10) → short-term bullish crossover.
• The price is trading well above both MAs, suggesting upward momentum.
Volume:
• Recent green candles accompanied by increasing volume → bullish volume confirmation.
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2. RSI (Relative Strength Index)
• RSI(6): 87.20 → Overbought (risk of short-term pullback).
• RSI(12): 70.11 → Entering overbought territory.
• RSI(24): 60.17 → Still neutral-bullish.
Interpretation:
• Momentum is very strong, but short-term traders may take profits soon. A small correction to $1.90–$1.88 range is possible before continuation.
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3. MACD (Moving Average Convergence Divergence)
• MACD Line above Signal Line with increasing histogram bars → Bullish crossover confirmed.
• Momentum increasing, no immediate sign of weakness.
4. Funding Rate Analysis
Recent Funding Rates:
• Spiked negative around 13:00–15:00 (Aug 8):
• 15:00 → -0.2424% (price $1.8743)
• 14:00 → -0.1833% (price $1.7928)
• 13:00 → -0.0552% (price $1.7646)
Meaning:
• Negative funding means shorts are paying longs, suggesting more traders were shorting during that period.
• However, price went up sharply afterward → short squeeze effect.
5. Key Levels to Watch
Resistance:
• $2.00 (psychological & recent breakout zone)
• $2.13 (24h high)
• $2.17 (next major resistance)
Support:
• $1.90 (recent breakout retest zone)
• $1.83 (previous resistance)
• $1.67 (stronger support area)
6. Outlook
• Short-term: Likely small pullback or sideways consolidation near $1.95–$2.00 due to overbought RSI.
• Mid-term: If price holds above $1.90, potential retest of $2.13 and break towards $2.17.
• Bearish Scenario: If it drops below $1.83, correction toward $1.67 likely.
7. Trading Plan Ideas (Not Financial Advice)
• Aggressive Long: On dips to $1.90–$1.88 with stop-loss under $1.83, target $2.13–$2.17.
• Breakout Long: Above $2.13 with high volume, target $2.17–$2.25.
• Short-term Short: If RSI remains >85 and price stalls at $2.00–$2.03, short toward $1.92–$1.90.