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Vikram
Apr 28, 2022
by Vikram

SCRT Technical Analysis: Breakout Rally Challenges Bearish EMAs

SCRT
SCRT coin price gives a double bottom breakout from the psychological barrier of $4 to challenge the resistance trendline. Will buyers surpass the $5 mark?

Key technical points:

  • SCRT price approaches the $5 mark.

  • The EMAs maintain a sideways bearish alignment.

  • The 24-hour trading volume of Secret is $48.57 Million, reflecting a rise of 101%. 

    • Past Performance of SCRT

    SCRT coin price experienced a downfall of 40% last month under the influence of a highly bearish resistance trendline. However, the psychological barrier of $4 halts the downtrend and pushes the price higher with a double bottom pattern in the daily chart. The bullish reversal accounts for a rise of 18% in the last 48 hours.

    TradingView Chart

    SCRT Technical Analysis 

    The SCRT coin experiences a boom in trading volume, supporting the bull run and increasing the chances of an extended bull run. However, the uptrend faces opposition from the resistance confluence of the descending trendline and the 200-day EMA.

    The flattish trend of the crucial 4-hour EMA provides opposition to the bull run while maintaining a bearish alignment. However, the breakout of the averages will signal a buying spot. 

    MACD Indicator: The MACD and signal lines maintain a bullish trend crossing above the zero line with a bullish alignment.  

    RSI Indicator:  The RSI slope spikes above the halfway mark from the oversold boundary reflecting a surge in underlying bullishness. 

    In a nutshell, the SCRT technical analysis displays a high likelihood of a bull run above the 200-day EMA.

    Upcoming Trend 

    The upcoming trend in the SCRT depends upon the trendline breakout and the limiting EMAs keeping the uptrend under check. The breakout rally will surpass the $5 mark to reach the next resistance level of $5.50.

    Support Levels: $4.50 and $4

    Resistance Levels: $5 and $5.50

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    SCRT Secret
    SCRT Technical Analysis: Breakout Rally Challenges Bearish EMAs
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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