After the strong upsurge in the price of Battle Infinity for the whole of yesterday and early, the market began to temporarily drop in the sixth hour of today’s trading session. This is because the price has to correct itself from the overbought zone. Also, this is an opportunity for investors to enter the market at a cheaper price. They can buy Battle Infinity and hold because the price will soon rise.
Key Levels
Resistance: $0.004720, $0.004800, $0.004883
Support: $0.004600, $0.004500, $0.004400
IBAT/USD: The Indicators’ Outlook
In the Moving Average Convergence and Divergence Indicator, the bearish histogram shows signs of weakness in the 15th hour. The buying pressure is coming up again. We can see that the height of the bearish histogram is reducing and the colour is now pink which is a sign of price recovery to the upside. Another thing that we must take into consideration is that the two lines of the stochastic RSI have gotten into the oversold zone. This is the time to buy because at this point, the price is preparing to rise again.
IBAT/USD Short-Term Trend: Bullish (15-minute chart)
Currently, the Relative Strength Index measures around 40% market strength in this time frame. This measurement is not yet a strong one, but it is getting close to 50% which demarcates between the strong and weak market. But the price action has already crossed the 9-day moving average indicator. As far as that indicator is concerned in this time frame, the market is now on the upside. Very soon, this progress will reflect in the bigger timeframes.
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