At 7:15 am Eastern Time in the United States, the price of water plummeted by 23% in the past 24 hours to $0.002124, with trading volume dropping by 17% to $57.53 million.
Despite the addition of WATER on its PoolX platform, the cryptocurrency exchange Bitget experienced this sharp decline.
Double bottom rebound for WATER
The price of water has been stable within a narrow range, comfortably stabilizing at a support level of $0.001731, forming a double bottom pattern indicating a shift in the upward trend.
This support has boosted the bulls, pushing the price up to a resistance level of $0.002366 as they aim for higher highs.
WATERUSD analysis (Source: Dextools.io)
Although recent bearish activity has decreased, bullish investors are preparing to push the WATER price above the $0.002858 mark, implying a potential continuation of the uptrend.
Currently, the trading price of WATER is above the 50-period simple moving average (SMA), supporting the upward momentum of the WATER price and strengthening the overall bullish sentiment in the market.
The MACD line has also crossed below the neutral line of the signal line. Additionally, the green histogram is a positive value, indicating increased investor interest. This configuration demonstrates a strong bullish trend, with the MACD indicator showing positive momentum.
Furthermore, the relative strength index (RSI) has rebounded from the oversold level of 30 above the midline level of 50 to the overbought level of 60, indicating significant buying pressure.
Bull market for water may push the uptrend to new highs
If WATER continues to rise, it may rebound to the previous resistance level and close at $0.00545. This sustained uptrend suggests that in the coming weeks, WATER may reclaim its historical high of $0.004958, indicating a significant recovery in its market value.
Conversely, if WATER struggles to break through this key resistance, it may face greater selling pressure. In this case, attention will be drawn to the crucial support level of $0.001946, which needs to be closely monitored.
This level will be critical in determining whether the price of water continues to stabilize or experiences further declines.
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