Highstreet (HIGH) shows potential for a breakout as it trades in an ascending channel, supported between $0.70 and $1.20. Technical indicators suggest a momentum shift.
Key Support Level and Market Structure
Crypto analyst Alpha Crypto Signal noted that HIGH is also trending upwards in an ascending channel. The recent downtrend has pushed the price down to a crucial support level between $0.70 and $1.20, an area historically marked by strong demand. Recent price action shows buying near the bottom of this support level, with prices bouncing back, suggesting potential buy-side interest. A break over the near-term resistance level of $1.20 is necessary to confirm an upside trend.
Bollinger Bands and MACD Indicate Possible Change
The Bollinger Bands show heightened market volatility. Prices have touched the support line, indicating oversold conditions, followed by a rebound. The middle line (20-day SMA) at $1.00 acts as support, and a break above it could provide further momentum for bulls. The MACD indicator also reflects a decline in bearish momentum. The MACD histogram has shifted from darker red to lighter red and green, indicating a decrease in selling pressure. While the MACD line remains below the Signal line, a crossover could validate a potential trend change.
Potential Price Levels for HIGH
If HIGH remains supported between $0.70 and $1.00 and breaks above $1.20, it could move towards $1.50 or higher. A bullish crossover by the MACD, along with a price move above the middle line of the Bollinger Bands, would also support this scenario. Conversely, failure to break above $1.00–$1.20 could trigger fresh selling pressure. A drop below $0.70 could result in further declines. At press time, HIGH was priced at $0.9831, with a 24-hour trading volume of $14.98 million. The price has increased by 0.69% in the last 24 hours and 17.43% over the past seven days.
In conclusion, Highstreet (HIGH) stands at a critical juncture, where a successful breakout past the resistance level could lead to significant gains, while failure might attract selling pressure.
