✴️ Request Network Faces Resistance But...
Updated
Here we can see Request Network (REQUSDT) trading below EMA50 weekly, this level working as strong resistance... But not everything is lost.
While EMA50 needs to be conquered before we enter bullish territory, the signals are already telling us that this will soon take place.
The descending channel/falling wedge is pretty obvious...
A long-term bullish divergence can be spotted with the RSI.
REQUSDT hit a low in June 2022 and a lower low more than a year later in September 2023.
This is how the RSI is looking right now:
It shows a clear higher low long-term and the highest reading ever weekly to the upside. This can signal that the trend is about to change.
In early October REQUSDT produced the highest "buy" volume week since November 2021, almost two years ago. This signal as well supports an upcoming change of trend, it confirms that the bottom is most likely in.
Strong bullish potential confirmation comes above EMA50 (0.0911).
Any trading above 0.0608 and REQUSDT has a strong bullish bias.
It can start growing any day and print years of higher lows and higher highs.
Namaste.
While EMA50 needs to be conquered before we enter bullish territory, the signals are already telling us that this will soon take place.
The descending channel/falling wedge is pretty obvious...
A long-term bullish divergence can be spotted with the RSI.
REQUSDT hit a low in June 2022 and a lower low more than a year later in September 2023.
This is how the RSI is looking right now:
It shows a clear higher low long-term and the highest reading ever weekly to the upside. This can signal that the trend is about to change.
In early October REQUSDT produced the highest "buy" volume week since November 2021, almost two years ago. This signal as well supports an upcoming change of trend, it confirms that the bottom is most likely in.
Strong bullish potential confirmation comes above EMA50 (0.0911).
Any trading above 0.0608 and REQUSDT has a strong bullish bias.
It can start growing any day and print years of higher lows and higher highs.
Namaste.
Note
Request Network is super bullish, full green. It can continue growing for weeks.New targets with higher potential added to the chart.
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