SCRT Technical Analysis: Bulls Struggle to Overcome Sellers at $10: Is This Where Bulls Fall?
Secret has been backed by numerous independently-operating development groups and companies which include Enigma, Secret Foundation, Secretnodes.org, Chain of Secrets, and many more.
Secret Network is an open-source encrypted, permissionless blockchain built on research in privacy that was conducted from scratch and research papers. It was first published at MIT in the year 2015, such as "Decentralizing Privacy," now one of the most important blockchain research papers with more than 2,000 academic references.
Let us move ahead to read about Secret technical analysis.
Past Performance of SCRT
SCRT coin price action shows a growth above the $9 mark, but it shows higher price rejection near the all-time high of $10. Hence, the price action shows a long-wick formation near the horizontal level reflects a bearish reversal. However, the reversal seems to be a retest of the bullish breakout of $9.
SCRT Technical Analysis
The recent reversal in the SCRT coin price transforms the rounding bottom into a possible cup and handle pattern. The support level at $9 is the closest horizontal level that can halt the falling prices. Therefore, traders need to keep an eye out near the level.
The rising prices of Secret tokens reverse the slope of the 50-day SMA, resulting in a gradual reversal. Therefore, a possible bullish crossover with the 100-day SMA can be seen shortly.
The RSI indicator at 69% shows the slope retracing into the nearly overbought zone in the daily chart due to the falling coin prices. However, the 14-day SMA sustains above the central line indicating a solid underlying bullishness.
The MACD indicator shows a long-coming uptrend in the MACD and signal lines in the daily chart. Moreover, the bullish histograms sustain the multiple bearish attacks.
Thus, the technical indicators indicate an increase in the underlying bullishness, forecasting a potential breakout of bullish price action over $10. But, the higher price rejection evident in the daily price chart predicts the possibility of a delay in the bull run.
Upcoming Trend
The SCRT coin price reflects the possibility of a cup-and-handle pattern in the daily chart with the neckline near the $10 mark. However, the failure to sustain above $9.
That is why traders need to be careful and remain patient till the breakout of any crucial levels. The SCRT coin price chart suggests the next support levels at $9 and $7. And, in case of a bullish breakout above $10, the price can find opposition at $12 and $15.
Despite the recent rejection, trading view technical analysis gives a "BUY" signal for the SCRT coin.
