The daily chart shows a prolonged downtrend from the swing high of $0.0079558 with consistent lower highs and lower lows throughout May into early June. Price bottomed at $0.0039579 before staging a sharp recovery candle on June 6, pushing up to the current area around $0.0062663. The recovery move is accompanied by notably elevated volume, with current vol at 2.59M above the MA10 of 2.29M, suggesting genuine buying interest entering at the lows.
However, the price remains below all three moving averages, which is a bearish structure:
MA(7): 0.0049757 - price has reclaimed above short-term MA
MA(25): 0.0052112 - price is now above mid MA
MA(99): 0.0061599 - price is now testing the long-term MA as resistance
The fact that all MAs are stacked bearishly and price is just now poking into the MA(99) zone makes this a critical decision area.
Key Support: $0.0039579 (recent swing low)
Key Resistance: $0.0064347 / $0.0073269 / $0.0079558
LONG TARGETS
Tig 1 - $0.0064347
Tig 2 - $0.0073269
Tig 3 - $0.0079558
SHORT TARGET
Short - $0.0039579
However, the price remains below all three moving averages, which is a bearish structure:
MA(7): 0.0049757 - price has reclaimed above short-term MA
MA(25): 0.0052112 - price is now above mid MA
MA(99): 0.0061599 - price is now testing the long-term MA as resistance
The fact that all MAs are stacked bearishly and price is just now poking into the MA(99) zone makes this a critical decision area.
Key Support: $0.0039579 (recent swing low)
Key Resistance: $0.0064347 / $0.0073269 / $0.0079558
LONG TARGETS
Tig 1 - $0.0064347
Tig 2 - $0.0073269
Tig 3 - $0.0079558
SHORT TARGET
Short - $0.0039579