The chart $FOGO shows the history of the strongest downward impulse, which led to a loss of more than 40% in value over a week. After this collapse, the price entered a phase of sideways movement, forming a temporary 'floor' around $0.02452. This is the first sign of possible exhaustion of selling pressure after such a rapid decline.
The technical picture speaks for itself: all EMAs (7, 25, 99) are located far above the price, confirming a strong bearish trend. However, the key signal is the state of the RSI indicator. On all timeframes, it is in a state of deep oversold (values 14-35), which historically often precedes at least a technical correction or the formation of a local bottom.
Logic suggests that after such an extreme movement, a rebound attempt is almost inevitable. The current consolidation may be an accumulation point for buyers preparing for a counter-trend correction that will allow them to catch their breath and reassess the situation.
Plan for the counter-trend rebound scenario (Long):
Entry (Long): $0,0247 - $0,0250 (upon confirmation of holding the level $0,02452 and the start of growth).
Targets:
TP1 — $0,0263 (first resistance on the way to EMA(7))
TP2 — $0,0275 (a stronger resistance zone)
Stop-loss (SL): $0,0242 (below the local minimum; losing this level will open the way to new lows).
Even the strongest waterfall eventually breaks against the rocks and forms a bubbling, but temporarily calm backwater. Right now, $FOGO seems to be looking for such rocks.
What do you think would be a more convincing signal to start a technical rebound: the formation of a bullish divergence on the RSI or the appearance of a strong green engulfing candle on increased volume?