The 1-hour chart is still above the upward trend line (0.01597), but the situation is delicate.
The price has retraced over 24% from the high of 0.02186 and is currently hovering tightly along the trend line at 0.0173, with less than 1 ATR distance, making it very fragile!
Key support is at the 0.01597 trend line, along with a dense support zone below (recently at 0.0166). The MACD indicator shows significant weakening, with both lines below zero and the histogram expanding in negative territory, indicating short-term momentum is sluggish.
If the trend line is broken, it could trigger a deeper correction. A breakout above 0.0183 resistance is needed to ease short-term pressure.
In terms of trading, long positions must closely monitor the 0.01597 support line! 📉🔍
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$Q Beware of trend reversal! ⚠
The 1-hour chart is still above the upward trend line (0.01597), but the situation is delicate.
The price has retraced over 24% from the high of 0.02186 and is currently hovering tightly along the trend line at 0.0173, with less than 1 ATR distance, making it very fragile!
Key support is at the 0.01597 trend line, along with a dense support zone below (recently at 0.0166). The MACD indicator shows significant weakening, with both lines below zero and the histogram expanding in negative territory, indicating short-term momentum is sluggish.
If the trend line is broken, it could trigger a deeper correction. A breakout above 0.0183 resistance is needed to ease short-term pressure.
In terms of trading, long positions must closely monitor the 0.01597 support line! 📉🔍