Tuesday, February 23, 2021 1:35:20 PM
Looking at the chart, it is certainly due for an upwards correction.
Notice the MACD is about to touch the signal line, as it has several times previously (yellow arrows), before price bottoms and turns back up. Additionally, this has been preceded by a falling red volume trend, indicating number of sellers is diminishing.
Finally, price has reached the 50DMA, which can provide support.
Considering the accumulation that has occurred in the past week below .20, any decent buying spree or positive news could send price rocketing back up fairly quickly.
Notice the MACD is about to touch the signal line, as it has several times previously (yellow arrows), before price bottoms and turns back up. Additionally, this has been preceded by a falling red volume trend, indicating number of sellers is diminishing.
Finally, price has reached the 50DMA, which can provide support.
Considering the accumulation that has occurred in the past week below .20, any decent buying spree or positive news could send price rocketing back up fairly quickly.
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