🔥🔥🔥 Technical Analysis – OOOO (1h)
$OOOO
#oooo The chart shows a clear structural shift to bullish in the short term. After a prolonged consolidation and a bottom at 0.00850, the price broke through the congestion zone with strong volume increase, signaling the entry of significant buying pressure.
The moving averages are starting to align positively: the MM(7) has crossed above the MM(25), and the price is trading above them, reinforcing the intraday bullish bias. The MM(99) is still nearby and may act as dynamic support during potential pullbacks.
The current price around 0.01135 has already surpassed intermediate resistance levels and now faces a short-term resistance zone between 0.01150 – 0.01190. A breakout with volume could open space for testing 0.01280.
The RSI is elevated (RSI 6 ≈ 76), indicating short-term overbought conditions. This does not invalidate the trend but increases the likelihood of a correction or consolidation before a new impulse. Healthy corrections are expected in the 0.01080 – 0.01030 range, where there is confluence of moving averages and the previously broken prior resistance peak.
Scenarios:
• Bullish: maintaining above 0.01080 and breaking 0.01190 with volume.
• Correction: losing 0.01030 could lead to a new test at 0.00960.
Summary: short-term trend is bullish but stretched. The best risk/reward opportunity tends to appear during pullbacks, not at the peak of the impulse.