Badger (BADGER) has failed to initiate an upward movement at the $9.20 area, suggesting that its correction is not yet complete.
BADGER has been falling since reaching a high of $56.92 on Nov 3. The decrease led to a low of $6.78 on March 13 before the price bounced. The bounce served to validate the $7.20 horizontal area as support. The area has been in place since May 2021.
Therefore, in order for the possibility of a bullish trend to remain, the price has to hold on above this level.
On March 25, BADGER broke out from a descending resistance line that had been in place since Dec 10. Afterwards, it returned to validate it twice as support, on April 8 and 11 (green icons). It is possible that the line will initiate another upward movement.
The closest resistance area is at $17.50.
The six-hour chart shows that BADGER has been trading inside a descending parallel channel since March 27.
Initially, it seemed that the price bounced at the support line of the channel on April 11. However, it has seemingly broken down from both the channel and the $9.20 horizontal area since. The area is now expected to provide resistance (red icon).
The next closest support area is at $8.
BADGER wave count analysis
Cryptocurrency trader @Thetradinghubb tweeted a chart of BADGER, stating that it is possible that the price has completed an A-B-C corrective structure.
However, due to the channel breakdown, this now seems unlikely.
It is still possible that BADGER is correcting, and will bounce once it reaches the $8 horizontal area
However, the exact wave count cannot be determined with any confidence.
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