Price Action

• The current price is forming around $1.876.

• On the daily chart, a structure of progressively lower highs and lower lows remains intact.

• During a previous sharp sell-off, a long downside wick was formed near $1.17, followed by a rebound; however, price failed to recover prior highs.

• Recent candles show limited volatility, with price action leaning toward consolidation after a gradual decline.

Moving Averages (MA7 · MA25 · MA99)

• Price is currently trading below MA7, MA25, and MA99.

• The short-term moving average (MA7) has crossed below the mid-term MA25 and continues to slope downward.

• MA25 maintains a downward bias and is acting as near-term resistance.

• MA99 functions as a long-term downward trend line, applying overhead pressure on price.

Volume

• Trading volume spiked sharply during the earlier sell-off, then gradually declined.

• In recent sessions, volume remains below average, indicating the absence of strong buyer or seller dominance.

• This volume behavior suggests a post-decline consolidation and wait-and-see phase.

Price Structure

• Although a rebound followed the sharp drop, subsequent highs failed to exceed previous peaks.

• The sequence of lower highs and lower lows confirms that the downtrend structure has not yet been invalidated.

• Recent recovery attempts have shown limited momentum, with price continuing to trade beneath the descending trend structure.

Technical Structure Summary (Fact-Based)

• Downtrend remains intact on the daily chart.

• Price is positioned below all major moving averages.

• Rebound attempts have failed to reclaim previous highs.

• Volume contraction indicates consolidation after decline.

• Overall structure aligns with a post-downtrend correction phase rather than a trend reversal.