SCRT Technical Analysis: Last Stand At $5 Holdbacks 10% Fall

Key technical points:

Past Performance of SCRT

SCRT prices fell by 20% in the last week, starting from the vast supply met near the $6.75 mark to the $5 mark. The downfall breaks below the 50 and 100-day EMA before clinging on to the 200-day  EMA. The Doji formation at the support confluence of the 200-day EMA and the $5 mark halts the downtrend and hints at a reversal possibility.

Source-Tradingview

SCRT Technical Analysis 

The reversal possibility in the SCRT coin price must surpass $5.5 and avoid direct retracement to $5, so the price action avoids a head and shoulder formation. Hence, the $5.5 breakout will be a less risky entry opportunity for bullish traders. 

The flattish trend in the 50 and 100-day EMA keeps the constant threat of a bearish crossover with the struggling to sustain above the 200-day EMA. Hence, the EMAs are on the verge of giving a sell signal.

RSI Indicator: The freefall trend in the RSI value continues after breaching the halfway mark in the daily chart. Hence, the indicator reflects an increase in selling pressure with the 14-day SMA fallout.

MACD Indicator: The MACD and signal lines give a bearish crossover and continue the approach to the zero line. Moreover, the increasing trend in bearish histograms reflects the solid underlying bearishness. 

In a nutshell, the SCRT technical analysis highlights the 200-day EMA possibility as the downtrend gains momentum.

Upcoming Trend 

SCRT coin price hinges on the 200-day EMA, and the increasing selling pressure projects a higher downtrend possibility. Hence, the fallout of the EMA will illuminate a buying opportunity with the potential of reaching the $4.60 mark, accounting for a 10% fall. 

Support Levels: $5 and $4.5

Resistance Levels: $5.5 and $6