A V-High reversal from the $0.162 resistance annihilated your entire March restoration features by dropping the Concord(ONE) value again to 0.116. Responding to the descending triangle sample, the coin value breached the $0.116 neckline and reached the fast assist at $0.1. A fallout from this assist suggests the promoting try for an additional leg down.
Key factors:
- The ONE value dropped 27.6% since final week
- The 50-and-100-day EMA provides dynamic resistance to ONE value
- The 24-hour buying and selling quantity within the Concord coin is $73.8 Million, indicating a 24.3% achieve.
Supply-Tradingview
The continuing correction part initiated from the $0.162 resistance tumbled the Concord(ONE) value by 50%. The bear cycle breached some important assist, comparable to 20-day EMA and $0.14, earlier than hitting the $0.116 mark.
The ONE value resonated inside a descending triangle for practically three months and breached the $0.116 neckline on April twenty fourth. The launched bearish momentum made a rapid strike to the neighboring essential assist of $0.1
The ONE value at the moment trades at $0.083, with an intraday lack of 8%. If sellers managed a maintain beneath the $0.1 assist, the promoting stress would intensify and drive the 38% decrease to the $0.053 mark.
As well as, the merchants are aggressively promoting to bullish pullbacks on the descending resistance trendline, and due to this fact, merchants can preserve a powerful promoting sentiment till this resistance is undamaged.
Technical indicators:
The 50-and-100-day EMAS offers dynamic assist for brief and lengthy bullish pullbacks. Furthermore, the declining nature of those EMAs highlights a bear development.
The Each day-RSI slope has fallen into the overbought area, suggesting the overextended promoting from merchants.
Escaping a bullish crossover, the MACD and sign strains drop decrease into the bearish territory. The rising purple bars on the histogram chart point out sustained promoting from the merchants.
- Resistance ranges: $0.1, $0.116
- Help ranges: $0.72 and $0.53
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