SCRT Technical Analysis: Bullish Rally Breaks Another Resistance With Intense Buying Pressure: Will The Rally Sustain In Falling Crypto Market?
Secret Network, a blockchain that provides data privacy to smart contracts as default and allows to develop and utilize applications. This functionality protects users, secures applications, and unlocks hundreds of never-before-possible use cases for Web3.
Secret Network is an open-source and permissionless blockchain that is based on privacy and research papers that were first published at MIT in 2015. Among them was "Decentralizing Privacy," now one of the most important papers in the blockchain field, boasting 220 academic references.
Let us move ahead to read about Secret Network technical analysis.
Past Performance of SCRT
SCRT coin price shows a growth of more than 35% in the past week from the consolidation breakout at $5.5. The rally breaks above the horizontal level at $7 and touches the $8 mark. The intraday trading volume jumps by 50%, indicating a rise in buying pressure.
SCRT Technical Analysis
The SCRT coin price action forms multiple bullish engulfing candlesticks showing a boom in underlying bullish momentum. Therefore, the price action indicates a rally above $10.
The crucial EMAs (50, 100, and 200) maintain a rising trend while avoiding a bearish crossover. These EMAs can act as dynamic support levels and help maintain the uptrend during each bear attack.
The RSI indicator at 67% spikes higher to touch the boundary of the overbought zone in the daily chart. Moreover, the 14-day SMA maintains an uptrend, indicating a solid underlying bullishness.
The MACD indicator shows the MACD and signal lines rising higher after touching each other and creating a shadow of bullish crossover. Moreover, the recent rise in the bullish histograms gives a bullish signal for the coin.
Therefore, the SCRT price rising above to $8 and the bullish signal given by the technical indicators showcase a solid uptrend in action. That is why the uptrend can shortly touch $10 and even rise higher.
Upcoming Trend
The increasing buying pressure and the breakout of the rounding bottom pattern strengthen the underlying bullish momentum in the SCRT coin. Therefore, the upcoming trend seems to be extremely bullish for the Secret network.
The price action suggests resistance levels at $10 and $12 that can oppose the uptrend if it rises above $9. The support levels are at $5.6 and $4.5, which can support the falling prices if it fails to sustain above $7.
In conclusion, the ongoing bull run brings an excellent buying opportunity at the breakout of $8 or $9. And, a bull run above $10 is most likely if the buying pressure sustains.