AKRO Technical Analysis: Reversal Ready To Restart Uptrend

Key technical points:

Past Performance of AKRO

The technical chart of the AKRO/USD currency reveals a pause in the long-coming downtrend near $0.0030, resulting in a lateral shift in the price trend. Buyers, however, take advantage of the weakening selling pressure and push the trend upward to $0.0050. However, because of the higher price rejection, it is difficult for bulls to keep the market value over the psychological level.

Source- Tradingview

AKRO Technical Analysis

AKRO prices showcase a lower price rejection in the daily candle, indicating a buying pressure ready to surpass the overhead resistance at $0.0060. Furthermore, the increase in trading volume supports the idea of a price jump. After a parabolic reversal in the bottom band at $0.0030, the Bollinger bands begin to rise in a rising channel. Furthermore, the price remains above the midline and finds support, suggesting that an upside extension is possible.

In terms of technical indicators, the MACD and signal lines have avoided a bearish crossover with overnight growth and are approaching the zero line. The resurfacing bullish histograms represent a rise in underlying bullish pressure. And the RSI indicator shows continuous bullish attempts to overcome and sustain above the mid-level, but the uptrend faces opposition from the 14-day average line. Hence, the technical indicators showcase a bullish uprise challenging formidable bearish powers. In a nutshell, the AKRO technical analysis shows an increase in buying pressure that may shortly result in a bull run.

Upcoming Trend

If buyers break above the $0.0059 resistance, a bull run to $0.0079, accounting for a 35% growth, seems inevitable. However, the breakdown of $0.0050 will nullify the bullish hypothesis and result in a price fall to $0.0032.

Resistance Levels: $0.0060 and $0.0080

Support Levels: $0.0050 and $0.0032