The current zone around $1.37 is a resistance area. The fact that the price is consolidating just below this resistance zone indicates that sellers in this area are decreasing over time. If the price manages to sustain above the $1.37 region, it will likely aim to test the next interim resistance level at $1.47. If this level is breached, the primary resistance level I’m closely monitoring is at $1.61. On the other hand, if the price fails to overcome its current resistance, the first downside target could be around $1.28. If this level doesn’t hold, we might see a retest of $1.205.
The analysis shared here are not intended as investment advice, but rather as potential short to medium-term trading opportunities in the market. The responsibility for taking trades and managing risks lies with the user. It is strongly recommended to use stop loss orders when executing trades.