Technical analysis:
The price is currently at 7.985 after a strong rise from a level of 4.55 to 8.75, which means an increase of more than 90% in a short period.
Indicators:
The short EMA (8) is still above the EMA (25) and (99) → the overall trend is still upward in the short term.
MACD has started to show convergence between the signal line and the MACD line → a possibility of the price entering a phase of calming or correction.
RSI (57.7) has returned from the overbought area (>70) → a signal that momentum has started to weaken.
Trading volume has decreased after the peak at 8.757 → weakness in buying pressure compared to the peak.
Important levels:
First support: 7.75 – 7.70
Second support: 7.04
First resistance: 8.20
Second resistance: 8.75 (last peak)
Recommendation:
If you are in the trade from low areas (below $6), it is best to secure profits now partially, and hold the rest with a stop-loss below 7.70.
If you are out of the trade, I do not recommend entering now unless the price returns to test the support at 7.70 or 7.04 with signs of a rebound.
In case of breaking 8.20 with strong trading volume, we may see a retest of 8.75 or even 9.20.
I see that the next movement will either be a slight correction followed by a continuation of the rise, or entering a horizontal range before taking a new direction.
