SCRT Technical Analysis: Ambitious Bulls Struggle Near $6.75

Key technical points:

Past Performance of SCRT

SCRT coin price trades at $6.71 with a price jump of 5.57% in the last 24 hours as the buying pressure increases with the 40% jump in trading volume. The price action forms a morning star pattern with the demand met near the $6 mark. However, the exhaustion takes over the bullish mindset as the uptrend struggles near $6.75.

Source-Tradingview

SCRT Technical Analysis 

The SCRT coin price falls 1.82% in the newly forming daily candle at press time as it fails to rise above the $6.75 mark. The horizontal level proves to be a crucial resistance as it has crushed multiple bullish attempts in history. 

The RSI Indicator shows no signs of divergence in the price action as the price tests the $6.75 mark again after the previous double top breakout. Moreover, the slope in the nearly overbought territory suggests a solid underlying bullishness. 

The DMI indicator projects a sharp rise in the +DI line as the -DI succumbs below the 20% mark; thus, it reflects a jump in buying pressure and keeps the uptrend alive. Moreover, the slight but evident reversal in the ADX line showcases a rise in trend momentum.

The crucial 50,100, and 200-day EMA maintain a bullish alignment in the SCRT/USD chart as the recent growth breaks above the 50-day EMA. Hence, the EMAs will cushion any possible retracement in the future.

In a nutshell, the technical indicators project a high likelihood of SCRT coin price giving the $6.75 breakout.

Upcoming Trend

The SCRT coin price action will generate a buying opportunity with the breakout of the $6.75 mark. Therefore, traders with bullish intentions must wait for the price action confirmation. However, the fallout below the $6.5 mark will reject the bull run hypothesis. 

Support Levels:$6.5 and $6

Resistance Levels: $6.75 and $7.5