AIXBT -price rises 20% while Bulls tries to break above the top of the breakout rally.
AIXBT (AIXBT) has risen almost 20% in the last 24 hours, currently traded at $ 0.19, with a trade volume of 24 hours rising by 50%.
Today’s increase marks Bulls’ attempt to break over the local high of $ 0.21 that was reached on 1 May, which marked the top of the Breakout rally that started on April 23. With that outbreak, AixBT moved decisively the consolidation range between $ 0.06 and $ 0.10, where it had exchanged aside since 3 April. Before that, the price was consolidated in a slightly higher range from $ 0.09 to $ 0.12, which eventually broke out.
The breakout from April 23 led to a rally of $ 0.10 to a peak of $ 0.21, which resulted in a win of 110%. With today’s move, Bulls try to resume that momentum and push the most important resistance to $ 0.21, which remains the next critical level to pay attention to the continuation of the trend. If they don’t, this is probably a consolidation under resistance, or possibly a lower high, depending on the coming candles.
Momentum remains sturdy Bullish, with the RSI currently at 64, which the Overboughtzone is approaching. The RSI on today’s candle remains far below the peak reading of 78 seen on 1 May, which helps explain the sharp withdrawal that took place afterwards.
The MACD line remains trend above the signal line and the histogram continues to print green. However, the histogram stations shrink, indicating that the momentum is weakened, although the trend is still intact.
The price also acts above both the 20 EMA and 50 SMA, with the shorter term 20 EMA intersection above 50 SMA around 27 April-a bullish crossover that indicates a potential trend removal.
If the momentum applies and the price breaks above the immediate resistance to $ 0.21, the following target is at $ 0.25-one important psychological and horizontal resistance zone where the price was consolidated for more than a week in February after a sharp leg after his all time in January. A further upward push can portray $ 0.30, although that level is weaker.
