The price has recently fallen below a critical support area, indicating potential volatility in the market. However, there is a possibility of a quick recovery as the price may reclaim this level shortly. Traders should monitor the situation closely, as a successful rebound could present an opportunity for a long position.
For those considering entry points, the key resistance area to watch lies between $2.75 and $2.90. If the price can sustain itself above this resistance level, it could signal bullish momentum and validate a long position. Keeping an eye on market trends and trading volume will be essential for making informed decisions during this period of uncertainty. Overall, while the current price action is below support, the potential for a reversal exists, warranting careful analysis and strategy.
