Can Harmony find demand above this level and what to expect if it does – Coin-News24.com

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Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought of funding recommendation

Bitcoin has been risky in current days as bulls and bears fought for management of the $39k space. A transfer previous  $39k-$40k for Bitcoin may see some life from the bulls. Alternatively, the macroeconomic circumstances of inflation, uncertainty, and worry didn’t paint a fairly image in the long run for the crypto sphere and likewise for Concord.

ONE has seen a robust drop in January and its downtrend has not been stemmed but. Nonetheless, it was buying and selling above a assist stage and a requirement zone- and will see a bounce quickly.

ONE- 1D

Supply: ONE/USDT on TradingView

Inside the previous month, the $0.164 stage has been flipped from assist to resistance and retested as affirmation of resistance previously couple of weeks as properly. This didn’t bode too properly for ONE. Nonetheless, it additionally supplied the likelihood that worth would vary between the $0.121 assist and $0.164 resistance, in a barely risky section of accumulation within the weeks to come back.

Subsequently, the $0.121 stage and the $0.106 stage, which is the 27.2% Fibonacci extension stage, can doubtless halt the advance of the bears at the very least briefly. To flip the bias to bullish, a longer-term investor would want to see ONE break above $0.164 and flip it again to assist.

Till then, the outlook could be bearish on the day by day timeframe. To the south, the $0.106 and $0.098 ranges may function assist.

Rationale

Supply: ONE/USDT on TradingView

The RSI continued to stay beneath the impartial 50 line and was at 38, on the time of writing. This confirmed bearish momentum was robust. Nonetheless, previously couple of weeks, the value fashioned equal lows at $0.125 whereas the RSI made increased lows. This exaggerated bullish divergence may spark a bounce.

The MACD was additionally beneath the zero line to focus on the general bearish stress previously couple of months. The CMF confirmed vital capital move out of the market, whereas the OBV was transferring sideways and decrease.

Conclusion

The symptoms confirmed that promoting stress had the higher hand. It was potential that Concord may see a bounce from the $0.121 long-term assist stage, however its development and market construction remained bearish. The $0.16 space must be flipped from provide to demand as a way to change this longer-term bias.

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