$ONT This wave dropped from 0.0555 all the way down to 0.0517, a short-term decline of nearly 7%. However, you can definitely feel that the bear pressure is starting to weaken.
The RSI is now around 33, entering the oversold zone, which indicates that the selling pressure has mostly been released.
But the issue is, the MACD is still below the zero line, and the moving averages remain in a bearish formation, so expecting a direct V-shaped reversal in the short term isn't realistic.
There’s clear support around 0.0514,
if it doesn’t break, it could easily lead to a continued low-volume consolidation;
only if it breaks 0.051, could we potentially open up new downside space.
So right now, this position feels more like a grinding phase before choosing a direction.
Both bulls and bears are having a tough time, so instead of forcing a guess, it’s better to wait for the market to give a right-side signal first.
#ONT #BTC
The RSI is now around 33, entering the oversold zone, which indicates that the selling pressure has mostly been released.
But the issue is, the MACD is still below the zero line, and the moving averages remain in a bearish formation, so expecting a direct V-shaped reversal in the short term isn't realistic.
There’s clear support around 0.0514,
if it doesn’t break, it could easily lead to a continued low-volume consolidation;
only if it breaks 0.051, could we potentially open up new downside space.
So right now, this position feels more like a grinding phase before choosing a direction.
Both bulls and bears are having a tough time, so instead of forcing a guess, it’s better to wait for the market to give a right-side signal first.
#ONT #BTC