Part 2/7:
Looking ahead, hitting a price point of around $2.20 could give way to more significant upward movements, given that the space between $2.20 and $4.55 holds minimal resistance. However, potential resistance exists in the range of $4.65 to $5.60, indicating some caution is warranted in this projected rally.
Weekly Candle and Momentum Indicators
Analyzing the weekly candle close is of paramount importance; sealing above $1.85 this week could set the stage for reaching $2.20. However, momentum indicators like the RSI (Relative Strength Index) and Stoke suggest mixed signals. The weekly timeframe indicates an overheated condition, while the daily timeframe presents contrasting signals with a stronger upward trend in the RSI.