The chart shows an important support zone (box) between $0.388 - $0.358. This level is critical for maintaining the bullish structure. If the price holds above this zone, there is potential for a rebound toward the $0.45 resistance, aligning with key moving averages (SMA 55 and SMA 89).
The recent breakdown below the trendline indicates short-term bearish pressure, but the oversold RSI at 36.21 suggests a possible recovery.
Key Scenarios: Bullish:
If the price holds the support zone and RSI moves upward, a test of $0.45 is likely. A breakout above $0.45 could extend the rally toward $0.48 - $0.50. Bearish:
A breakdown below $0.358 may lead to further downside, targeting $0.32 or lower. Recommendation: Watch the volume closely to confirm a move, and consider placing a stop-loss below the support box to manage risk effectively.
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