{"id":302630,"date":"2024-05-15T20:37:25","date_gmt":"2024-05-15T15:07:25","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=302630"},"modified":"2024-05-15T20:37:25","modified_gmt":"2024-05-15T15:07:25","slug":"reaches-new-high-for-may-but-pulls-back-after-becoming-overbought-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/reaches-new-high-for-may-but-pulls-back-after-becoming-overbought-crypto-news\/","title":{"rendered":"Reaches new high for May but pulls back after becoming overbought &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<ul>\n<li><strong>Silver price has risen to a new high for May following the release of US data.\u00a0<\/strong><\/li>\n<li><strong>Silver has become overbought on the 4-hour chart and is in the process of pulling back.\u00a0<\/strong><\/li>\n<li><strong>It could correct lower but the overall uptrend suggests it will recover and continue pushing higher.\u00a0<\/strong><\/li>\n<\/ul>\n<p>Silver (XAG\/USD) price has risen up to a new high for May at $29.20 after the release of market-moving data from the US.\u00a0<\/p>\n<p>Silver is in a short-term uptrend but it has become overbought according to the Relative Strength Index (RSI) momentum indicator. The RSI is also diverging bearishly with price.\u00a0<\/p>\n<h3 class=\"fxs_headline_medium\">4-hour Chart\u00a0<\/h3>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/_XAG_USD_2024-05-15_15-58-46-638513796899031386.png\"><\/a><\/p>\n<p>A bearish divergence occurs when price rallies to a new high but RSI does not follow suit as happened between May 10 and May 15. It is a bearish sign.\u00a0<\/p>\n<p>Price is pulling back on the current bar and looks like it might be forming a bearish Shooting Star Japanese <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/chart\/candlestick-patterns\" data-fxs-autoanchor=\"\">candlestick<\/a> pattern. If such a pattern is confirmed on close and it is followed by another bearish bar the Shooting Star will gain relevance and denote a short-term reversal lower.\u00a0\u00a0<\/p>\n<p>When taken together with the indications from the RSI, it could be indicating Silver is about to undergo a correction \u2013 much depends on how the current and next bars develop.\u00a0<\/p>\n<p>Eventually the short-term uptrend should reassert itself, however, and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/xagusd\" data-fxs-autoanchor=\"\">Silver<\/a> price rally higher. A break above the day\u2019s high at $29.20 could give added confirmation of more upside to the next resistance level at circa $30.00.<\/p>\n<p>A decisive break below $27.97 would bring the short-term uptrend into question.\u00a0<\/p>\n<p>A decisive break would be one accompanied by a long red candlestick that closed near its lows or three red candlesticks in a row.\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Silver price has risen to a new high for May following the release of US data.\u00a0 Silver has become overbought on the 4-hour chart and is in the process of pulling back.\u00a0 It could correct lower but the overall uptrend suggests it will recover and continue pushing higher.\u00a0 Silver (XAG\/USD) price has risen up to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":20827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,671,308,256,254,672],"class_list":["post-302630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-silver","tag-technical-analysis","tag-wallet","tag-wordpress","tag-xagusd"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/302630","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=302630"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/302630\/revisions"}],"predecessor-version":[{"id":302631,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/302630\/revisions\/302631"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/20827"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=302630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=302630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=302630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}