SCRT Technical Analysis: Will The $5 Breakout Rally Sustain?

Key technical points:

Past Performance of SCRT

SCRT coin price shows a halt in the falling trend at the $4.60 support zone after facing rejection above $6.50, evident by the long-wick formations. The sideways trend near the support zone shows a fresh bullish reversal accounting for a jump of almost 10% in the last two days and breaking above the $5 mark. 

Source-Tradingview

SCRT Technical Analysis 

SCRT coin price shows a double bottom breakout rally starting from the $4.60 support zone challenging the 200-day EMA after the $5 breakout. However, the falling trend in the volume reflects a lack of bullish commitment and warns of an abrupt fall in the uptrend.

The crucial daily EMAs (50, 100, and 200) struggle to maintain the bullish formation with the lines moving sideways and diminishing spread. Moreover, the price trading below the 200-day EMA faces a huge bearish threat to overcome.

RSI Indicator: The RSI slope outperforms the 14-day average and moves sideways along the 50% line. Moreover, the bullish divergence in the double bottom pattern projects a high likelihood of a bullish continuation.

MACD Indicator: The reversal in the fast and slow lines increases the chances of a bullish crossover as the bearish spread decreases significantly. However, the crossover will provide the crucial bullish signal.

In a nutshell, the SCRT technical analysis spotlights the possibility of the 200-day EMA breakout.

Upcoming Trend 

The SCRT coin price shows a bullish reversal ready to surpass the formidable 200-day EMA as the buying pressure grows significantly over the days. However, closing above the EMA will provide an extra edge to bullish traders. Hence, the breakout rally could reach the $5.15 mark. 

Support Levels: $5 and $4.50

Resistance Levels: $5.5 and $6