The weekly chart shows a clear descending triangle formation, characterized by a series of lower highs pressing toward a flat horizontal support zone. This type of structure is typically considered a bearish continuation pattern, reflecting consistent selling pressure.
Recently, price has broken below the horizontal support, confirming the triangle breakdown and signaling potential continuation to the downside. The market failed to reclaim the support area, which now acts as resistance.
Key technical points:
Downside Targets:
$0.31–$0.27
$0.20–$0.17
As long as the price remains below the broken support zone, the bearish continuation scenario remains the dominant expectation.
Recently, price has broken below the horizontal support, confirming the triangle breakdown and signaling potential continuation to the downside. The market failed to reclaim the support area, which now acts as resistance.
Key technical points:
- Well-defined descending triangle with lower highs and horizontal base.
- Support has been broken, indicating seller dominance.
- Retest/rejection from the former support zone strengthens the bearish outlook.
Downside Targets:
$0.31–$0.27
$0.20–$0.17
As long as the price remains below the broken support zone, the bearish continuation scenario remains the dominant expectation.
My telegram channel: t.me/blessing_cryptos
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
My telegram channel: t.me/blessing_cryptos
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.