Price had moved above the cloud in the two previous trading sessions, changing the chart outlook to bullish. Conversion line and Base line had a bullish crossover and is hinting at a bullish price trend. Lagging Span is above price of 26 days ago and is above the cloud, confirming the bullish price trend. MACD is hinting at a bullish price trend. If price is able to stay above the cloud, it could be heading towards the previous resistance high at $0.360.
Outlook Price broke below the cloud on 16 November 2020 and reached a low of $2.11. A price rally from this low failed to move above the cloud or the Base line, keeping the bearish trend intact. Two days ago, price gapped lower, hinting of a resumption of the bearish trend. Conversion and Base lines had a bearish crossover, confirming the bearish trend. Lagging Span is below price of 26 days ago and is below the cloud, confirming the bearish trend. MACD remains bearish with both its lines far below the zero line, which is a hint of a strong bearish price trend. We are expecting price to decline to the support level at $1.935.
Price moved up from a low of $2.19 and is currently just below the edge of the cloud. For the past few days, price tried to move above the cloud but was capped by the lower edge of the cloud. Price is currently below the Conversion line but above the Base line. Lagging Span is below the cloud and below price of 26 days ago, confirming the bearish trend. Unless price can move over the cloud, the bearish trend is likely to persist. Overhead resistance lies at a $3.02 and there is also a gap resistance at $2.91 to $2.94. MACD is currently above the zero line but both its lines are near to the zero lines, hinting of a flat or weak bullish trend. Both lines of MACD could be about to experience a bearish crossover as well if price fails to move above the cloud.
Price moved above a short term resistance high on Friday at $2.25 and if price can stay above this resistance point, it has a great chance of moving higher to test its previous high at $2.58. Confirming the bullish trend is a bullish crossover signal given by the Conversion and Base lines. Price is also above the Conversion and Base lines as well as the cloud. Lagging Span is also above the cloud and above price of 26 days ago. This confirms the bullish trend. MACD is in the bullish zone and is bullish although it is flat at the moment. We think price is likely to move higher to test the previous high at $2.58.
