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SCRT coin shows lower price rejection near the 50% Fibonacci level, indicating a bullish reversal, which can reach $15 shortly.
SCRT is the native currency of Secret Network. It's a blockchain that provides data privacy for smart contracts by default. It enables users to build and utilize 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 take a deep look into the technical analysis of Secret.
Past Performance of SCRT
SCRT coin price touches the 50% Fibonacci Retracementlevel in the 4-hour chart after a long consolidation period. However, the support zone near the 7.5 mark pushes the price higher again.
At press time, the coin price is $8.25 with a gain of 7.60% due to the demand met near $7.5. Moreover, the intraday trading volume of Secret has fallen by 35% in the past day.
SCRT/USD Daily Chart
SCRT Technical Analysis
SCRT coin has increased the chances of a bull run as it ticks all the boxes of pullback trading techniques. However, entering at current prices is a bit risky. Hence, safe traders can wait for the $9 breakout.
Upon $9 breakout, the bull run may find resistance near the Pivot Points at $10.5 and $12.75. And, on the opposite end, the $7.5 and $6.5 can help oppose the downfall.
The RSI slope trends lower from the oversold zone to the 38% mark. However, the slope struggles to rise higher to the central line, evident by the last spike. As a result, the oversold RSI in the 4-hour chart indicates increased chances of bullish recovery for the SCRT token.
In the MACD indicator, the fast and slow lines maintain a bearish alignment in the 4-hour chart. However, the intensity of the bearish histograms decreases. Furthermore, the lines can give a bullish crossover as they get closer. Thus, the MACD indicator shows a weak buy signal.
Upcoming Trend
As per the technical analysis of Secret, the future trend of SCRT coin price can gain bullish momentum as the pullback is complete. However, the breakout of the $9 mark can confirm the bull run for safe traders.