As of 7:15 am Eastern Time, the price of WATER has plummeted by 23% in the past 24 hours to $0.002124, with trading volume dropping by 17% to $57.53 million.
Despite the addition of WATER on the PoolX platform by the cryptocurrency exchange Bitget, this sharp decline still occurred.
Double bottom rebound
The price of WATER has been stable within a narrow range, comfortably holding at a support level of $0.001731, forming a double bottom pattern indicating a trend reversal to the upside.
This support has boosted the bulls, pushing the price up to a resistance level of $0.002366, as their target is higher highs.
Analysis of WATERUSD (Source: Dextools.io)
Although bearish activity has decreased recently, bullish investors are preparing to push the price of WATER above the key level of $0.002858, implying a potential continuation of the uptrend.
Currently, the trading price is above the 50-period Simple Moving Average (SMA), supporting the upward momentum of the WATER price and reinforcing the overall bullish sentiment in the market.
The MACD line has also crossed below the signal line of the neutral line. In addition, the green bar chart is positive, indicating increased investor interest. This alignment indicates a strong bull market trend, with the MACD indicator showing positive momentum.
Furthermore, the Relative Strength Index (RSI) has rebounded from the oversold level of 30 above the midline level of 50 to the overbought level of 60, indicating significant buying pressure.
Bull market for WATER may push the uptrend to new highs
If WATER continues to rise, it may rebound to the previous resistance level and close at $0.00545. This sustained uptrend suggests that in the coming weeks, WATER may recover its historical high of $0.004958, indicating a significant market value recovery.
Conversely, if WATER struggles to break through this key resistance, it may face greater selling pressure. In this case, close attention will be paid to the key support level of $0.001946, which needs to be closely monitored.
This level will be crucial in determining whether the price of WATER will continue to stabilize or experience further declines.
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