$OP is still holding a bullish structure after breaking out of its 3 week base but today’s rejection near $0.1405 is something to watch.
Price is currently around $0.1236 and remains above the MA7 MA30 and MA200 which keeps the short term structure positive.
However RSI has cooled from the 70 area and MACD momentum is starting to flatten. The long upper wick from $0.1405 also shows strong selling pressure around resistance.
Key levels I’m watching:
Resistance: $0.1405 to $0.143
Support: $0.122
Major support: $0.110
If OP holds $0.122 to $0.110 the breakout structure remains intact and we could see another attempt toward $0.14.
A daily close above $0.143 would strengthen the continuation setup.
On the other hand a daily close below $0.122 could bring the $0.110 MA200 retest into play.
For now I’m watching the daily close. Today’s rejection doesn’t automatically mean the breakout is over.
Technical analysis only. Not financial advice.
Price is currently around $0.1236 and remains above the MA7 MA30 and MA200 which keeps the short term structure positive.
However RSI has cooled from the 70 area and MACD momentum is starting to flatten. The long upper wick from $0.1405 also shows strong selling pressure around resistance.
Key levels I’m watching:
Resistance: $0.1405 to $0.143
Support: $0.122
Major support: $0.110
If OP holds $0.122 to $0.110 the breakout structure remains intact and we could see another attempt toward $0.14.
A daily close above $0.143 would strengthen the continuation setup.
On the other hand a daily close below $0.122 could bring the $0.110 MA200 retest into play.
For now I’m watching the daily close. Today’s rejection doesn’t automatically mean the breakout is over.
Technical analysis only. Not financial advice.
