- CorgiAI had a bearish higher timeframe trend despite swift gains.
- The $0.0015-$0.0016 support zone could be vital in the next few days.
As an analyst with a background in market trends and technical analysis, I have closely monitored CorgiAI’s (CORGIAI) price action over the past month. Based on my observations and the chart patterns, I believe that despite the recent sharp gains, the higher timeframe trend remains bearish.
The price of CORGIAI experienced a significant surge, increasing by an impressive 331% from its lowest point on May 20th. Although some of those substantial gains were subsequently lost, the token continues to exhibit a bullish trend.
The bull market’s continuation is yet to be proven, as buying activity has been inconsistent with a sudden surge observed earlier in the week.
If things revert toward the mean, this might be a temporary rally amidst a long-term downtrend.
Examining the past month’s trend
On the 6-hour timeframe, CORGIAI surpassed all previous monthly highs.
Since the 12th of March, the RSI (Relative Strength Index) had persistently stayed below the neutral 50 threshold. However, on the 22nd of May, it unexpectedly reversed and shifted from a level of resistance to one of support, reaching a value of 94.7.
This development was optimistic for the bulls and potentially the first indication of a changing market direction, benefiting the buyers.
As a crypto investor, I’ve noticed that the Cumulative Moving Flow (CMF) indicator has stayed persistently below the -0.05 threshold. This indicates a substantial outflow of capital from the market, implying that sellers have been more active than buyers.
This week’s surge in purchases didn’t completely offset the strong selling trend that had persisted over the past twenty days.
The higher timeframes show this could just be a bounce
As an analyst, I have observed a bullish trend on the higher timeframe chart. The price has consistently formed new highs and new lows above previous levels since early November 2023.
As a researcher observing the market trends, I’ve noticed that the late February rally brought some momentary relief. Nevertheless, the downward trend intensified and broke through the previous higher low of $0.00158.
Read CorgiAI’s [CORGIAI] Price Prediction 2024-25
A sudden surge of 330% started from the $0.00108 mark, potentially signaling a rebound before the trend resumes its downward course. Consequently, it was plausible for investors to offload their holdings during this price rise.
If the price holds the $0.0016 support level during a pullback, investors and traders may be convinced that the market’s direction has changed to bullish, leading to potential price increases in the upcoming period.
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2024-05-24 02:15