The correction underway has not broken the uptrend yet, as defined by the rising 50-day moving average, which is currently at $2.10. A clear negative divergence materialised between 21-day RSI and price, followed by a breakdown by RSI.
This will confirm a further price decline towards $2.10 initially, and on to more meaningful support at $2 subsequently. Volume behaviour is erratic, with rising volume accompanying black-candle days, indicating selling pressure. The recent high of $2.42 to $2.43 is unlikely to be retested for several months.
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