$ALLO The 1-hour chart shows Since that peak, the price has been in a relentless, severe bearish correction. This cascade is marked by consistent red candles and a clear pattern of lower highs and lower lows. The price is currently testing the $0.2700 level, which serves as a major structural floor. The selling pressure has been overwhelming, confirming that the short-term bias is highly bearish and dominated by early profit-takers.
The 15-minute chart details the sustained, grinding downtrend. The price action has been characterized by small, weak bounces immediately followed by strong selling. Earlier today, the price broke decisively below the previous support at $0.2900 and accelerated the move down, establishing a new swing low near $0.2500. The price is currently attempting a small relief bounce back toward the former support at $0.2700. This bounce is likely corrective and should be viewed as an opportunity for sellers to re-enter.
The 5-minute chart confirms the immediate short-term action is a relief bounce from the latest low. After hitting the low near $0.2500, the price has reversed sharply, currently trading around $0.2700. While this bounce is strong in terms of percentage, the overall trend is bearish. The critical level to watch is the $0.2700 - $0.2800 resistance zone, which was just broken down from. A failure to push significantly above this zone will confirm the continuation of the downtrend.
The current technical picture is Strongly Bearish, but the immediate bounce provides a strategic short entry point for the bearish continuation.
