The buyers pushed the price above the downtrend line and the 20-EMA but could not clear the psychological level of $0.50. This attracted selling and the bears have pulled the price to $0.45. If this support cracks, a retest of $0.41 is likely.
On the contrary, if the price rebounds off the current level, it will suggest that the bulls are buying on dips. The bulls will then make another attempt to clear the overhead resistance at $0.50. If they succeed, the pair could rally to $0.55 and then to $0.61.
On the contrary, if the price rebounds off the current level, it will suggest that the bulls are buying on dips. The bulls will then make another attempt to clear the overhead resistance at $0.50. If they succeed, the pair could rally to $0.55 and then to $0.61.