Qredo The price rose above a long-term resistance line, increasing the likelihood of bullish signals coming true. The price has the potential to rally up to 300% in the short-to-medium term.
QRDO price has been trading below the long-term descending resistance line since January 2023. After several rejections from the resistance line, the altcoin price broke above the resistance line during the week of February 26 – March 3, 2024.
The breakout occurs with a bullish engulfing candlestick with very high trading volume, indicating a trend reversal. Last week, the chart successfully confirmed this line as support. This is a common signal after a breakout and usually allows the uptrend to continue.
The weekly RSI indicator has formed a significant bullish divergence and moved above 50, indicating that the bulls are regaining control.
If the price continues to rise, it could rise as high as 283.91% and reach the long-term resistance zone at $0.24. This is where a long-term descending resistance line forms.
The daily chart shows Qredo price bouncing up from the key $0.05 support zone on March 19, 2024, forming a morning star formation. This is a bullish pattern usually seen at the end of a correction.
Additionally, it managed to maintain the upward structure that has formed since February 24, 2024. The daily RSI indicator has reclaimed the 50 level and is trending upwards, supporting the possibility of a recovery.
Therefore, Qredo price may rise to the nearest horizontal resistance zone at $0.09 in the coming days.
The most likely scenario is Qredo priceIt shows that it will continue to rise in the near future. The nearest target lies at $0.09 and higher at $0.24.
The bullish view may be invalidated if QRDO price closes the daily candle below the $0.05 zone.
