SQ seems to have rejected a key price resistance level, and the price is going up to the next resistance level, thus the market seemingly looks bullish.
Supply levels: $75, $79, $83
Demand levels: $70, $66, $60
SQ Medium-term Trend: Bullish
The Medium-term trend looks bullish, the price had a corrective drive to the resistance level $70, and not being able to break out of this level will trigger the price to the resistance level of $79, or further to $83.
The daily chart is indicating that the 14 and 50 Exponential Moving Averages are widely open for bullish support, while the MACD Indicator is a signal is showing a weak market signal.
SQ Short-term Trend: Ranging
SQ Short-term trend is on a counter-trending mode, the price met a barrier and the market momentum has slowed down, waiting for a true market direction. If the price breaks its nearest barrier level, it will invariably head on for bearish trend, if not, the price will move up to the next bullish price resistance level.
From the 4-hour chart view, it is imperative to say that the market is ranging because of conflicting market signals from the Exponential Moving Averages and the MACD, while the former is indicating a bullish trend, the later is a bearish signal.
Please note: Dapplife.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.