Rosa Inu Price Prediction: ROSA Plunges 9%, But This PEPE 2.0 Presale Goes Ballistic With Almost $12 Million Raised
Release: 2024/09/04 20:13 Reading: 525
Rosa Inu Price Analysis: Downtrend Persists with Support at $0.00325
The Rosa Inu price has exhibited a 9% decline in the past 24 hours, currently trading at $0.003361. Trading volume has also decreased by 5% to $77k.
4-Hour Chart Analysis
The ROSA/USDT pair on the 4-hour timeframe indicates a clear downtrend characterized by lower highs and lows within a descending parallel channel. The price is currently trading within this channel, defined by a resistance level of around $0.00412 and a support zone near $0.00325.
The support zone has recently been tested several times, highlighting its importance for buyers to defend. A sustained break below this zone could lead to further price declines, potentially towards $0.00300 or lower.
The 50-period Simple Moving Average (SMA) at $0.00386 and the 200-period SMA at $0.00429 are trending downward, reinforcing the bearish momentum. The price remains below these moving averages, indicating that sellers are still in control. The 50 SMA is currently acting as dynamic resistance, strengthening the upper boundary of the descending channel.
The Relative Strength Index (RSI) is at 37.12, approaching the oversold territory at 30. While the market is bearish, it may be nearing a point where selling pressure could ease. However, the RSI alone is not enough to suggest an immediate reversal.
Price Action Indecision
Price action for ROSA shows a series of small candlesticks with longer wicks near the current support zone, indicating indecision and a potential accumulation phase. If the price manages to hold above the $0.00325 support and break above the 50 SMA, it could lead to a short-term recovery towards the upper channel boundary near $0.00400.
Conversely, a break below $0.00325 would signal a bearish continuation, targeting lower price levels.
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