At the moment, the $611 zone is a strong resistance level, which coincides with the upper border of the Ichimoku cloud and a number of other technical indicators, such as Bollinger Bands and MA. After testing this level, two scenarios are possible:
Correction:
If the asset fails to break through the $611 level and consolidate above, this may lead to a local correction. In this case, the logical support level will be the zone around $545-$552, where the key support levels are. With a further fall, the price may test the lower boundary of the range - around $470. This level coincides with the lower boundaries of the indicators and historical support, which makes it an important level for buyers.
Continued growth:
If $611 is broken with confidence and the asset can consolidate above, this will open the door to further gains, possibly even towards $652 (the upper boundary of the Bollinger Bands) and above. A break above this level could also lead to increased bullish momentum, which, as we have seen in the past, can trigger a significant move higher.
💡 Conclusion:
After testing the $611 zone, there is a high probability of a short-term correction unless a confident breakout occurs. However, if the price manages to break through this level, the growth scenario towards $652 and above also remains quite likely.