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Investing.com – took advantage of support at the past 38- and 100-day moving average support at $0.47/$0.48 to provide the rallying momentum seen in recent hours. But from a technical analysis point of view, this is now a real test: the $0.49 level is the prelude to an extremely important resistance zone, which feeds on several prominent lows between $0.50 and $0.5450. As the $0.50 area is at the same time the neckline of two previous double stops, the importance of the mentioned area cannot be overestimated.
A jump above the resistances mentioned therefore remains the sine qua non condition for the bulls to return to the game for a long time.
If the cryptocurrency fails to avoid a negative turn, the mentioned support at $0.47/$0.48 should only be a crossing point, before the next support zone, the recovery trendline formed since the beginning of the year between 0.44 and 0.42 dollar, is not in the field of vision.
In the end, always look for a clear direction. The fact that the cryptocurrency has been more or less treading water since April is part of the current decision picture, which means that the price movement that will follow in the event of a breakout should be dynamic.
The upper barriers that could “trigger” an impulsive break in either direction remain unchanged: $0.5450 on the upside and $0.4100 on the downside.
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