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- SCRT price is trending under a congestion
- SCRT price is giving choppy volatile moments
The SCRT price action is suggesting that the buyers and sellers are yet to make a decision regarding the ongoing direction of the market. For now, it seems like the price of SCRT is might be taking rejection from the recent levels although the choppy conditions of the market are not ideal. The SCRT currently seems to be trading in the fear zone. The current price of Secret Network is $0.79 with a change in the 24-hour trading volume of 23%. SCRT is down 3.32% in the last 24 hours.
SCRT trending in a horizontal congestion channel
SCRT’s price has been trending in a congestion pattern since mid-January for two months. This pattern is showing some deep indecision in the market. SCRT price has also been making many spinning tops and doji candles these candles are found at either the top or bottom of the trend also supporting the congestion pattern. Currently, the curve in the price suggested that bears are slowly overpowering the market and the price might soon make a correction.
SECRET Technical Analysis ( 1 Day timeframe )
The price of SCRT is currently consolidating within a narrow channel however this is a congestion pattern instead of consolidation because of its choppy and volatile moment. While the consolidation pattern would have made an almost uniform pattern the congestion is giving some choppy movements which would prove difficult to capture. Currently, the price of Secret Network is moving within a range of $0.712 to $0.897.
The RSI indicator is moving in contrast to the current price action while the price of Secret Network is moving horizontally the RSI line is moving diagonally in a downward slope making consistent lower highs and lower lows. As of now, the RSI line is at point 51.36 near the median line while seemingly intercepting the 14 SMA. The downward curve of RSI is suggesting that the SCRT price might soon take a correction.
Conclusion
As can be estimated from the above analysis Secret Network price is currently moving within a congestion channel which is different from consolidation as it is more volatile. This market condition is not ideal for any kind of investor as it can not be captured and predicted adequately. Also, the RSI line is making a down-trending slope making a divergence pattern from the current price action. These indications are suggesting that the SCRT price might soon take a correction. In conclusion, readers are suggested to wait for clear indicators and signals.
Technical levels –
Support – $0.712
Resistance – $0.897 and $0.831
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
