KARRAT Hits All-Time Low as Price Enters Oversold Territory

Key Takeaways

• Descending structure completion near key Fibonacci levels.
• An oversold RSI hints at a possible short-term bounce.
• Breakout potential above descending resistance.
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Karrat (KARRATUSD) has been in a prolonged downtrend, recently reaching a potential inflection point.

The daily chart suggests completing a corrective wave structure, while the 1-hour chart highlights a short-term bullish setup.

With price action near key Fibonacci levels and an oversold RSI, a potential trend reversal may be on the horizon.

KARRAT Price Analysis

The daily chart of KARRAT showcases a prolonged corrective phase. The price has steadily declined since its peak on Dec. 4, at $0.76, marking the completion of wave X.

A clear Elliott Wave structure can be observed, labeling a corrective WXY pattern, where the final Y wave seems to have completed near the $0.11 level.

The price recently tested key Fibonacci levels, particularly the 0.618 extension, which aligns with historical reversal points.

Additionally, the daily Relative Strength Index (RSI) has formed a bullish divergence, indicating that selling pressure is weakening. A similar RSI setup led to a strong rally in the past.

Another critical observation is that the descending trendline acts as resistance, connecting lower highs from previous months.

A breakout above the trendline and the nearby 0.5 Fibonacci extension at $0.24 would confirm bullish momentum.

However, failure to hold above $0.11 could lead to further downside, testing deeper support zones.

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A closer look at the price structure shows that the ongoing decline has weakened, with decreasing bearish volume. This signals potential exhaustion from sellers, increasing the likelihood of a breakout attempt.

If a reversal occurs, momentum confirmation will be key, and the price must sustain above $0.15 to continue toward $0.24.

KARRAT Price Prediction

The 1-hour KARRAT chart clarifies short-term movements and highlights a potential breakout structure.

The price action appears to have formed an ABCDE correction, with wave (e) of the corrective phase nearing completion.

Karrat could see a sharp rebound toward the $0.20-$0.25 range if this structure plays out as expected.

The immediate resistance lies at $0.15; breaking above this level would confirm bullish momentum, potentially sending the price to test the $0.25 region, where the larger descending trendline converges.

Conversely, failure to hold the current support zone at $0.11 could result in an extended corrective phase. The next critical support lies at $0.05, a key Fibonacci confluence area. 

A breakout above $0.15 would likely trigger a wave of short covering, fueling additional upside movement.

The Fibonacci extension of the potential rebound suggests $0.30 as an extended target if bullish momentum persists.

However, a rejection at $0.15 could lead to a retest of support levels before another attempt at reversal.

Key Levels to Watch

• Immediate Resistance: $0.15 (descending trendline resistance).
• Key Resistance: $0.24 (0.5 Fibonacci retracement).
• Major Resistance: $0.51 (0.236 Fibonacci retracement).
• Immediate Support: $0.11 (local low & 0.618 Fib).
• Critical Support: $0.05 (deeper corrective target).
• Breakout Target: $0.25+ if the descending trendline breaks.