SCRT token price is under tremendous selling pressure, evident by the double top breakout. A fall below $5 can be catastrophically bearish.
SCRT is the native currency of Secret Network. It's a blockchain that provides data privacy for a smart contract by default. It allows you to create and use applications that are both privacy-preserving and permissionless. This functionality protects users, secures applications, and unlocks hundreds of never-before-possible use cases for Web3.
Let us now look at the comprehensive technical analysis of Secret Network cryptocurrency.
The bull run of more than 150% stated two weeks ago met resistance near the $7 mark. Thus, resulting in a fall back to the $5.75 level. However, the bullish demand on 11th October led to a price jump back to the $7 mark.
Nonetheless, the price failed to rise above the strong resistance of $7. Thus, leading to the downfall to $5. Hence, the price broke below the double top pattern.
Furthermore, the price is holding above the $5 mark. However, a bearish fallout will lead to a MarkDown.
Source - Tradingview
SCRT cryptocurrency is currently at $5.36 as of writing. Additionally, the price has fallen by 22.54% in the last 24 hours. Thus, indicating a drastic fall in bullish pressure, supported with a 40% fall in the intraday trading volume.
As per pivot points, the SCRT Coin price might find support at $4.5 or $3.5. However, upon bullish reversal, resistance close to $6.2 and $7.5 might push it down.
MACD and signal lines are moving lower to the zero line in the daily chart. The fast line is beneath the slow line due to the recent bearish crossover. Hence, it gives a strong sell signal.
The RSI indicator recently gave a substantial bearish divergence between the two price jumps at $7. Thus, resulting in the latest downfall. However, the slope finds support at 50%. If the slope falls below the central line, one can expect a bearish phase.
As per the Secret Network's technical analysis, the situation is highly bearish for SCRT crypto. The price action indicates a double top pattern breakout above the $5 support range. Hence, the fall below the $5 mark will lead to an intense downtrend phase.