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Continuing from my previous post, "I told you it's coming" was the title that foreshadowed the drop to $0.81 as we awaited a new support zone.
Many believed in a rebound from that level, expecting a rise to $1, but buying the dip didn’t pan out. New support levels have emerged, and a retest is necessary since the RSI has hit rock bottom. An RSI below 15 often indicates a potential rebound from this point.
However, don't expect that rebound to last long if you're considering going long. A small scalp might be beneficial, but targeting higher prices could be unrealistic. Attempting to break $0.81 may lead to another rejection, and even if it surpasses this level, getting past $0.84 is proving to be a significant challenge.
From there, support will be tested again. Consolidation will determine the price direction, and a breakdown could push it down to $0.73. If that happens, it will be difficult to stop the bears, leading to a potential decline towards $0.70 and even $0.65 soon.
This is not investment advice. Please conduct your own research before making any trades.
