Is the Jeo Boden Price Getting Ready for a Massive Move?
The Jeo Boden price dropped more than 1% over the past 24 hours to trade at $0.1483 at press time.
With this recent loss, the BODEN price is down over 27% on the weekly timeframe. Its monthly performance is also deep in the red at more than 65%.
The Jeo Boden Price Enters Consolidation
The Jeo Boden price has entered into a temporary consolidation phase between $0.1370 and $0.1623 in the last 24 hours. Now, the meme coin is trading near the upper boundary of a medium-term descending price channel that has emerged on its charts.
Also read: Is DADDY Crypto Prepping for a Surge to a New All-Time High?
BODEN could escape the descending price channel within the next 8 hours if it remains in the consolidation phase. This could then be seen as a long entry signal by traders, who might start to accumulate the crypto before a strong move to the upside.
In this bullish scenario, the meme coin might attempt to break above the $0.1623 resistance level and flip it into support. Continued buy pressure could then push the Jeo Boden price to the next major resistance level at $0.1955 in the following 24 hours.
On the other hand, BODEN losing the $0.1370 support might expose it to the risk of dropping in the short term. Traders will likely look to short the meme coin if it breaks out below the current consolidation channel, which will result in it continuing to trade within the negative channel.
BODEN Losing Some of Its Bullish Steam
Technical indicators on BODEN’s 4-hour chart warn that the Jeo Boden price is losing some of the strength it was able to accumulate in the past couple of hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flagging bullish. However, signs have started to emerge that this may not be the case for long.
Also read: Technicals Show the Super Trump Price May Soar to $0.019845
Firstly, the RSI is sloped negatively and looking to cross below its Simple Moving Average (SMA) line. An intersection between these two lines in the coming 12 hours might signal that sellers have gained the upper hand against buyers. It could therefore be easier for bears to drag the Jeo Boden price down in the coming 24 hours than it will be for bulls to boost it.
Secondly, the MACD line is collapsing towards the MACD Signal line. This could be an early sign that BODEN’s bullish cycle has reached a peak and might subsequently come to an end.
Traders will want to keep an eye on the MACD, because the MACD line crossing below the MACD Signal line in the coming 12 hours might indicate that BODEN has entered a negative cycle.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
