Decred was on the brink of disappearing under its up channel. Tezos broke above an ascending triangle and crossed $6.7 before heading to a support position. Waves awaited subsequent sessions for evidence of a breakout.
On the 4-hour timeframe, a breakout from an ascending triangle was observed, propelling Tezos to a peak of $6.7 before falling down. Any support was possible between $5.8 and $6, but given the current location of its indicators, a decline below this amount was probable. The MACD was closing in on a bearish crossover, while the Awesome Oscillator indicated bearish momentum.
If a collapse occurs, the $5.3 mark will be in sight over the next few sessions, while sellers are expected to protect this area against a prolonged sell-off.
While a single candlewick did smash through the upper trendline on Waves maps, the next few sessions will offer more clarification on a breakout. The ADX was pointing north from 24 as a strong trend was emerging. A good breakout could drive the price up to $15 or even $15.5, but the market was giving conflicting signals.
This was caused by a southbound RSI that reversed course before approaching the overbought sector. The index also showed some divergence after making lower lows. At the time of publication, the 24-hour trading rate had increased, yet more transactions needed to be accrued for sharper moves.
Decred has retained its up channel since bouncing back from the $143.8-support as the market approaches $200. However, this phenomenon normally results in a breakup, and the upcoming sessions should be closely monitored for a step below the bottom trendline.
The MACD line remained below the Signal line, and the histogram suggested increasing bearish momentum. The OBV fell as selling demand outweighed buying interest. When a candlestick closes below the lower trendline, traders may open short positions, but they must wait for confirmation before locking in their positions. In the event of a fall, assistance levels were $176.31 and $171.2.
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