Support Levels:
$12.09: A key support level currently holding the price.
$11.06: Another potential support level below $12.09.
$8.40: Further support if the price breaks below $11.06.
$5.13: Major historical support level.
Resistance Levels:
$27.36: Immediate resistance.
$37.05: Next significant resistance level.
Trendlines:
-The chart shows an upward trending channel with support and resistance lines indicating a long-term bullish trend.
-The price recently bounced off the lower support trendline and is moving towards the resistance trendline.
The most recent monthly candlestick is bullish, indicating positive price movement and suggesting a potential continuation of the upward trend.
The Stochastic RSI at the bottom of the chart is in the overbought territory, which could suggest a potential short-term pullback or consolidation.
Bullish Scenario:
- If the price maintains above the $12.09 support level, it is likely to retest the $27.36 resistance level.
- A break above $27.36 could lead to further upside towards $37.05.
Bearish Scenario:
- If the price fails to hold the $12.09 support level, it may find the next support around $11.06.
- A break below $11.06 could lead to a drop towards $8.40 or even $5.13.