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#HumaFinance
Analysis of HUMAU/USDT, timeframe 1 day, a descending triangle is forming 📐.
Key points:
Resistance line: A clear descending trend line is visible, which acts as resistance, limiting price growth.
Support level: There is a strong horizontal support level at approximately $0.034-$0.035 from which the price has bounced several times. This is an important area for the bulls.
Volume: The chart shows that there was a large volume 📈 during the strong rise at the end of May. Subsequently, the volume decreased, which is typical for consolidation.
Indicators:
Moving Averages (MA): The price is below the short-term moving averages (7, 25, 99 MA), indicating a bearish sentiment in the short term 🐻.
SAR (Stop and Reverse): SAR points are above the price, confirming a downtrend.
Ichimoku: The price is below the Ichimoku cloud, which also indicates a bearish sentiment.
Current situation: The price is currently trading in a narrow range between descending resistance and horizontal support, approaching the top of the triangle.
Conclusions and forecasts:
The descending triangle is a bearish continuation or reversal pattern. A breakdown below the support level ($0.034-$0.035) could lead to a significant price drop 📉. At the same time, a breakout above the descending resistance line may signal a bullish reversal and potential growth 🚀.
What to expect next:
In the near future, we should expect a resolution to the situation: either a break of the support level or a break of the descending trend line. Pay close attention to the volume during the breakout! A large volume on a downward breakout will confirm a bearish movement, while a large volume on an upward breakout will confirm a bullish movement.
⚠️ Risks: Always remember the volatility of the crypto market! This is not financial advice. DYOR (Do Your Own Research) 🤓.
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