FOLKS/USDT showed significant buying pressure on Feb 10, closing higher after a volatile session. However, it remains in a long-term bearish structure.
📈 Today's Position & Chart Analysis
· Price Close: $1.53 USDT, marking a +6% gain for the day.
· Daily Range: Traded between $1.42** (low) and **$1.63 (high), encountering strong resistance near yesterday's peak.
· Technical Picture: The chart shows conflicting signals. While the daily candle is bullish, the overall trend remains weak. The RSI is near 30 (still considered oversold), and the MACD continues to show a buy signal, supporting short-term momentum. However, long-term moving averages remain in a "Strong Sell" configuration, reflecting the dominant downtrend.
💡 Key Takeaway & Plan
Today's move suggests a continuation of the recent bounce from oversold levels. The $1.63 - $1.64 resistance zone (from the Feb 9 high) is critical. A decisive break above could open the path toward $1.75**. Conversely, failure here may lead to a retest of support at **$1.42. Trading volume was healthy at ~$4.3 million, confirming active participation.
Bias: Neutral to Cautiously Bullish for the very short-term bounce, but structurally Bearish on higher timeframes.
