SCRT Technical Analysis: Bears Ready to Takedown $4 Level

Key technical points:

Past Performance of SCRT

SCRT prices fail to sustain the bullish reversal started on 18th April from the $4.50 support zone due to an increased supply dump near the 200-day EMA. As a result, the turnaround from the EMA breaks below the $4.50 support zone and creates multiple bearish candles accounting for an 18% fall last week.

Source-Tradingview

SCRT Technical Analysis 

The support zone fallout increases the bearish influence on the SCRT/USD price chart threatens the fallout of the $4 psychological level. Moreover, the increased trading volume and the three black crows pattern increase the chances of a $4 fallout.

The 50-day EMA reaches the 200-day EMA to give a death cross while the 100-day EMA continues the downtrend. Hence, the EMAs are ready to achieve a bearish alignment in the daily chart. 

MACD Indicator: The fast and slow lines cross under the zero line and maintain a bearish alignment. Hence, the bearish trend increases the negative histograms intensity.

RSI Indicator:  The RSI slope falls under the 14-day average and the halfway mark implying a surge in the underlying bearishness.  

In a nutshell, the SCRT technical analysis shows a potential fall below the $4 psychological mark as the sellers gain momentum.

Upcoming Trend 

With the sellers lining up, SCRT prices deflate drastically, teasing a potential fall below the $4 mark. Moreover, the death cross ensures a bearish continuation below the $4 mark, with the EMAs striving to achieve the bearish alignment. 

Resistance Levels: $1.15 and $1.25

Support Levels: $1 and $0.93