SCRT Technical Analysis: Market on an Immediate Basis, Looks for a Downturn

Ankita  |  Oct 25, 2021

SCRT is a native coin of Secret Network. It is a blockchain network that allows users and developers to use and build applications that are both permissionless and privacy-preserving. With the help of blockchain, we have the potential to create a new internet. Let us look at the technical analysis of SCRT.

Past Performance of Secret

On October 18, 2021, SCRT started trading at $4.85. As of October 24, 2021, the closing price of SCRT was $6.22. Thus, in the past week, the price has surged by roughly 28%. In the last 24 hours, SCRT has traded between $5.98-$6.38.

TradingView Chart

SCRT Technical Analysis 

Currently, SCRT is trading at $6.35. The price has increased slightly from the opening price. Thus, the market looks positive.

The MACD and signal lines are in the positive zone. Moreover, a bullish crossover by the signal line over the MACD line has occurred. But, the overall market momentum is bearish, and we can expect a price pullback. However, both the lines are close to the zero line and may change signs soon. Thus, a trend reversal is on the horizon for SCRT.

The OBV indicator is gradually falling. Thus, selling volumes are higher than buying volumes. Hence, we can expect the price to decrease.

The RSI indicator is at 48%. It has just rallied from the 30% mark. Thus, buying pressures are slowly mounting. Hence, we can expect the price to start rising again in a few hours.

Day-Ahead and Tomorrow 

The SCRT price has fallen below the Fibonacci pivot point of $7.25. As some of the oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $6.12 soon.

The price has tested and fallen below the 23.6% FIB retracement level of $7.87. If the price falls below the FIB extension level of $6.12 in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.

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