SCRT Technical Analysis: Retest Entry For Buyers as SCRT Teases $1 Breakout

As Secret coin (SCRT) price actions continued showing sideways bullish alignment, it has surged by 12.50% over the last 24 hours. While most of the market crashed in the last two weeks due to fear revolving around the collapse of the crypto exchange, FTX, the bullish reversal accounted for a rise of 13.2% in the last 7 days. Although the 11% surge in market cap supports the bull run and increases the chances of an extended bull run, the 60% drop in trading volume reflects a lack of enthusiasm among traders. SCRT pushed back after touching the psychologically important mark of $1 during early trades. However, the prices moving above the 200-SMA represent an overall uptrend in the market. 

Key Points

Source: Tradingview

SCRT Technical Analysis

SCRT price actions maintain a sideways uptrend despite a lack of buyer interest. The prices bounced back after touching the mark of $1, making multiple high-price rejection candles. Buyers may get a bullish entry opportunity if prices sustain to break above the $1 in a retest of the rounding bottom breakout. However, the descending triangle trendline indicates fear of a bearish breakout, signaling short positions for the traders. On the other hand, if SCRT fails to maintain the bullish momentum and a bearish breakout happens, the prices may fall to the $0.780 support level. 

Technical Indicators

RSI moving above the mark of 50 while making a bullish divergence indicates buying opportunity for the traders with a potential uptrend in the market. Whereas despite a bottomed-out bearish histogram, the MACD line teases a bullish crossover just below the midpoint, indicating another upswing for buyers. 

Although the technical indicators signal buying entry opportunities for the traders despite weak bulls, the resistance trendline with descending triangle fears another bearish breakout.