Crypto Market Movers
By Steven Anderson
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Key Resistance Looms at $0.03059. The rally pushes STABLE right up against the 0.382 Fibonacci retracement level at $0.03059.
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RSI Breaks Trendline After 10 Weeks. STABLE's RSI broke above a descending trendline that had limited rallies since January.
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STABLE jumped 14.6% on April 23. Price hit $0.02999.
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The move marked the token's wildest daily swing since February, and it came alongside a breakout in the Relative Strength Index on the daily chart.
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The rally pushes STABLE right up against the 0.382 Fibonacci retracement level at $0.03059. That ceiling has capped previous bounces in March and April, so it's not just a random…
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Below current price, support sits at $0.02649—the 0.5 Fibonacci retracement. STABLE has held a higher-low structure above this level, which keeps the uptrend intact for now.
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The series of higher lows since December's bottom near $0.00914 tells a constructive story. The low on April 22 at $0.02580 aligned with the 0.
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STABLE's RSI broke above a descending trendline that had limited rallies since January. The indicator climbed from near 50 to the mid-60s on April 23, marking its first decisive…
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But if the RSI drops back below 50, the breakout was probably fake. Sellers would regain control, and the price would likely retreat to support levels.
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The RSI remains well below overbought territory, which means the rally could extend before momentum wanes. That's the bullish case. The bearish case is that resistance at $0.
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On the 4-hour chart, STABLE formed a W pattern. The neckline sits around $0.03100, and the price broke above it on April 23. This setup targets $0.03673, which aligns with the 0.
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Read also: Ether Taker Volume Spikes 72% as Traders Eye $2.6K Liquidity Gap
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Failure to break $0.03059 could see STABLE retreat to the 0.5 Fibonacci support at $0.02649.
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The rounded W pattern is a bullish continuation signal, but it only works if the neckline holds. A drop back below $0.
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Trading volumes supported the recent breakout. The largest bullish candle in over two weeks appeared as STABLE broke above the $0.
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