BORA Coin Analysis: Bears Are Eliminated From The $0.1216 Level

• BORA coin price gave a breakout from the descending channel. 
• Oscillators are neutral, while the moving averages are indicating a strong buy.

BORA token is a decentralized ecosystem for games and entertainment activities. The currency utilizes bora points within the ecosystem and acts as a resource for development and to incentivize contribution. Subsequently, Bora points are converted to BORA tokens. It is a dual-layer blockchain structure that offers an attractive solution to game developers. 

Previous Actions of the BORA Coin

At the start of this year, the BORA coin price made some impulsive bullish moves from the $0.0980 major support level. The price increased almost 136% during two-month trading sessions and made new support at a $0.1526, 50% retracement level. 

From that level, the BORA coin price surged more than 62% toward the $0.2371 resistance level. Subsequently, it fell to the 50% retracement level and broke below that level in June 2023. That incident started the formation of a descending channel.

Conversely, the BORA coin price formed a new bearish flag pattern at the $0.1216 immediate support level and faced resistance from the trendline of the descending channel. Consequently, that triggered the price to give a breakdown of the immediate support.

In October 2023, the coin price fell to the major support level of $0.0980 and recently, it gave a breakout from the descending channel at $0.1216 level. On the other side, buyers are consistently increasing their positions from the breakout level.

Technical Analysis of the BORA Coin

The BORA coin price has been moving below the 50-day and the 200-day EMAs until mid-October. Recently, it broke above the 50-day EMA at $0.1232, which gave buyers some sense of a short-term uptrend. Currently, it is facing resistance from the 200-day EMA at $0.1397.

At press time, the BORA coin price is trading at $0.1377 after sustaining below the breakout level of $0.1216. The price took support multiple times at $0.1216 which makes it a pivot point for keeping an uptrend. Now, the price is moving toward the $0.1526 resistance level. In the last trading session, it formed a green bullish candle at a $0.1387 resistance level. This reflects that the buyers are not willing to give up.

Moreover, the relative strength index (RSI) is moving in a bullish momentum toward the 70-mark upper band reflecting the bulls are in control over the price. At present, the RSI slope is at 69.87 above the signal line.

Conclusion

BORA coin price recently gave a breakout from a year-long descending channel pattern. The price is also moving in between the 50-day and the 200-day EMAs reflecting a short-term uptrend. At press time, it is moving toward the $0.1526 resistance level from the $0.0980 support level. If the BORA price somehow manages to close above that resistance, it can make a bullish impulse up to $0.1849 resistance.

Technical Levels

• Resistance levels: $0.1526 and $0.2006
• Support levels: $0.1216 and $0.0980

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.