Recently, price accelerated downward and is now reacting near the lower boundary of the major channel. At the same time, a smaller internal descending structure has formed, showing short term compression after the sharp selloff. This suggests the market is in a local exhaustion phase, but not yet structurally bullish.

The key zone to watch is around 0.0180 to 0.0185. This area acts as immediate resistance and aligns with the internal descending trendline. A reclaim and strong close above this region would open the path toward 0.0347 first. If momentum builds and the upper channel boundary is challenged, the larger upside target sits near 0.26, which represents a major macro resistance level.

However, if price fails to reclaim 0.0180 and breaks below the recent lows, continuation toward 0.0157 and potentially 0.0123 becomes likely, following the broader bearish channel direction.

Right now, this is a reaction at major support inside a dominant downtrend.
Reclaim equals relief rally potential.
Rejection equals continuation of the macro sell pressure.

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