After reaching a high at $32.00 on 18 June 2022, a price correction followed. The price correction managed to stay above the cloud, keeping the bullish trend intact. Lagging Span is above price of 26 days ago and is above the cloud, confirming the bullish price trend. MACD is bullish with both its lines above the zero line. If price can stay above the cloud, we are likely to see a rally to the previous high at $32.00 in the next 2-3 weeks.
Price broke above the cloud with a strong large candlestick yesterday, changing the chart outlook from bearish to bullish. The breakout also created an Ichimoku V-shaped breakout with a price target of $22.00, which is close to the previous high of $22.05. Conversion and Base lines had a bullish crossover, hinting of a bullish trend. Lagging Span is above price of 26 days ago but is inside the cloud. MACD is bearish with both its lines below the zero line. However, MACD had a bullish crossover as well as a bullish divergence warning. We are expecting a price rally to the Ichimoku price projection target at $22.00 in the next 2-3 weeks.
Outlook Price is currently at the lower edge of the cloud. Price has been capped on three occasions below the cloud, unable to move above the cloud. The cloud is also getting thicker which means that price is going to find it harder to pass through. Both Conversion and Base lines had a bullish crossover earlier, confirming the bullish trend and price is currently above both Conversion and Base lines but price is weak as it is still below the cloud. The recent candlesticks range is also getting smaller, hinting of a lost in the upward momentum. Lagging Span is above price of 26 days ago but is still far below the cloud at the moment. MACD is bearish at the moment with both its lines below the zero line.
Outlook Price broke through the cloud recently and managed to stay above the cloud, except for a day when it dipped into the cloud. Price also moved above the recent high and closed above the recent high, which could be a good sign. Conversion and Base lines had a bullish crossover, confirming the bullish trend. Price is also above the Conversion line, the Base line and the cloud as well. Lagging Span is above price of 26 days ago but is still below the cloud at the moment. MACD is bullish with both its lines above the zero line. MACD is moving higher and is hinting of more price upsides.
