The trend of $PROVE is a bit too standard.
First, let me start with the conclusion. Currently, PROVE hasn't broken out of its downward trend; it's merely experienced a technical rebound.
I personally believe the short-term uptrend remains intact, and reaching 0.99 shouldn't be a problem. You can open a short position with a take-profit at 0.99 and a stop-loss at 0.91.
After reaching 0.99, it depends on whether it can break through 1.05. If so, continue to open a long position. If it falls back to 0.95, go short. It's likely to return to 0.82 to find support.
------Below is the technical analysis, optional-------
1. Moving Averages (MAs)
MA7 (pink) and MA25 (purple): The short-term and medium-term MAs are still above the price, indicating that the short-term trend remains weak and is in a rebound correction phase.
MA99 (blue): The long-term MA is at a higher level, around 1.05, indicating that the overall trend has been downward for some time.
2. Support and Resistance Levels
Support Range: $0.82 → This is the starting point of the most recent rebound and the recent low. If broken, further declines are likely.
Resistance Level: $0.99 → This is key short-term resistance, and the price is currently hovering around this range.
Higher Resistance Levels: $1.18, $1.36 → If it breaks through $0.99 and holds, there is a chance to test these two higher targets.
From a structural perspective, the current phase is "rebound → short-term resistance test."
3. K-line Pattern
The recent trend has rebounded rapidly from around $0.82 to the $0.99 range, showing good rebound momentum.
If the pullback does not fall below $0.82, it may indicate that the bottom has been gradually confirmed; however, if it falls below $0.82, the trend will continue to weaken.
4. Technical Indicator Summary
Short-term: The price has rebounded, but faces a test of the $0.99 resistance level.
Medium-term: If it can hold above $1, the trend will be considered stable; otherwise, it will remain volatile and weak.
Key support below: 0.82; key resistance above: 0.99 → 1.18 → 1.36.
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