The current price is 0.1448. The price has returned to test the moving average {MA}(7), which is now at 0.155437. It also appears that the price is now trading below {MA}(7) after the recent breakout failure.
🟢 Positive Rebound Scenario (New Opportunity):
This scenario is the best for traders waiting for a good entry point:
Critical Test: The price is currently testing an important support area which is the convergence point of different support levels at 0.1383, and the horizontal support level around 0.145
Bounce: The price should show strong bounce signals from the current area (0.140 - 0.150) and quickly return above
Confirmation signal: closing firmly above {MA}(7) at 0.1554 is the signal to re-target resistance at 0.165.
Support for technical indicators:
Indicator {RSI}(6): significantly retreated to 48.35, which removes overbought conditions and sets the market up for a new bullish move.
Indicator {STOCHRSI}: returned from overbought areas, providing room for movement.
🔴 Negative pullback scenario (activating stop loss):
If the price fails to bounce from the current area:
Support break: breaking and closing below the 0.140 level (which we identified as the new stop loss in the previous analysis).
Outcome: This leads to a breakdown of the temporary bullish structure and the potential pullback towards the next stronger support at \{MA}(25) at 0.138, which may extend to 0.130.
💡 Technical summary:
The price is currently in a consolidation or correction phase. The best entry point is now in the 0.140 - 0.150 range, provided a firm stop loss is placed.
