Technical Indicator Breakdown
1. Price Action & Bollinger Bands
Support Bounce: ARX price found strong support at its recent bottom at $0.13000. As per the chart, the price successfully bounced back by touching the lower band of the Bollinger Band ($0.13057).
Moving Averages: The price is currently trading just below the MA(7) - $0.15793. If this level is broken, the next target will be the MA(25) - $0.20161.
2. Momentum Indicators (Oversold Recovery)
RSI (6): The RSI is currently at 31.93. This indicates that the market was in a severely oversold zone and now buyers are returning to the market from there.
Stochastic RSI: Stochastic RSI is reversing from the oversold zone (17.35), which is a clear signal of bullish momentum.
KDJ Indicator: KDJ is showing a positive crossover (J line has risen to 39.22), which increases the possibility of a price pump in the short-term.
Trading Strategy & Targets
Quick Note: The market is trying to create a bottom, so proper stop-loss must be used before taking any trade.
Immediate Resistance (Target 1): $0.15793 (MA 7 Breakout Confirmation)
Major Resistance (Target 2): $0.18448 (Bollinger Middle Band)
Bullish Target (Target 3): $0.20161 (MA 25)
Stop Loss (Invalidation Zone): If the daily candle closes below $0.13000, this bullish theory will be invalidated.
Conclusion
According to the overall indicator analysis, ARX is currently showing Seller Exhaustion. If the market remains stable with Bitcoin (BTC) movement, we can see a good Bullish Relief Rally or bounce back from ARX very soon.
Disclaimer: This analysis is for educational and informational purposes only and should not be considered as financial, investment, or trading advice. Cryptocurrency markets are highly volatile and carry a significant level of risk. Always DYOR (Do Your Own Research) and consult with a professional financial advisor before making any investment decisions. The author is not responsible for any financial losses incurred from trading based on this information.
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