Accumulate (Cautious Buy)!!!
While the long-term trend is bearish, the chart shows a classic short-term bottoming pattern. If you are a swing trader, this is a "Buy the Fear" zone with a tight stop-loss. If you are a long-term holder, it’s a Dollar-Cost Averaging (DCA) opportunity.
Technical Analysis
Price Action: The price recently hit a local bottom at $0.0834 and is currently recovering at $0.0972. It has broken above the immediate "red zone" of the Supertrend.
Indicators: * Supertrend: Just flipped to green (bullish) on the 1-hour chart, suggesting a shift in short-term momentum.
Volume: We saw a significant volume spike near the 0.0834 low, which usually indicates "exhaustion" of sellers and big players stepping in.
Key Levels:
Resistance: 0.1052 (previous breakdown point) and 0.1146.
Support: 0.0902 and the major floor at 0.0834.