SCRT Technical Analysis: Rounding Bottom Breakout Aims to Reach $16: Can Bulls Overcome Selling Pressure at $10?

SCRT coin price breaks above $9 and is soon to complete a rounding bottom breakout. Can we see the bulls create a new high above $10? Secret Network is based on original privacy research and papers from MIT in 2015, including “Decentralizing Privacy.” It is an open-source and permissionless blockchain. It is one of the most influential papers in the blockchain space with 2,000 academic citations.  Nodes on the Secret Network perform general computations on encrypted data that help smart contracts use private and sensitive data as inputs. The primary focus of the network is computer privacy, not just the transactional privacy that is apparent from its name. Let us move ahead to read about Secret technical analysis. Past Performance of SCRT The SCRT coin price action jumps more than 70% resulting in the breakout of $9 in the past week. The breakout of the $9 horizontal level was expected in our previous Secret network technical analysis. Combining the bullish growth and the 50% jump in the intraday trading volume suggests a rise in buying pressure. Therefore, the bulls are strengthening their grip on trend control. SCRT/USD Daily Chart SCRT Technical Analysis The SCRT coin price hints at the completion of a rounding bottom pattern in the daily chart. The breakout of the pattern teases a bull to $16 if the buying pressure sustains. Therefore, traders can find an excellent breakout entry shortly. Crucial EMAs (50, 100, and 200) manage to sustain their bullish alignment as the price jump helps the 50-day EMA avoid crossing below the 100-day EMA. The 20-day EMA provides constant support and rises along with the bullish rally.  The RSI indicator at 73% shows a sudden slanting spike in the slope as it enters the overbought zone. Moreover, the 14-day SMA is above the 50% mark and approaches the overbought zone. The MACD indicator shows the MACD and signal lines maintain equal distance while rising higher into the positive zone. Moreover, the continuation of bullish histograms reflects the bulls regaining trend control again. Therefore, the SCRT price action and technical indicators showcase a boom in buying pressure and trend momentum. That is why the breakout of the rounding bottom pattern seems imminent.  Upcoming Trend The SCRT coin price action is close to completing an extremely bullish price pattern in the daily chart. The breakout of the rounding bottom pattern can drive the prices higher to $16. Therefore, traders can find buying at current prices or at the breakout of $10 to ride the potential rally.  The Secret Network price action suggests high supply areas after $10 at $11 and $12.35. And, in case of a reversal from the neckline at $10, the price can find support at $8 and $7. At press time, the sentiments chart gives a “BUY” signal for the SCRT coin. Technical Analysis for SCRTUSD

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