technical analysis and trade signals for $API3 /USDT based on the provided market data:
Current Price: $2.502
24h High: $2.507
24h Low: $1.994
Resistance Level:
$2.507: The current 24-hour high is acting as resistance. A break above this level could trigger further upward momentum.
Intermediate Resistance:
$2.60: This level is likely to act as a key resistance, as it lies slightly above the recent highs and may face selling pressure.
Trade Signals:
Bullish Scenario (Upward Momentum)
1. Entry Point:
Buy at $2.50 or on a slight dip near $2.45, as long as the price stays above the $2.40 support zone.
2. Target Levels (Take Profit):
First Target: $2.60 – This level is a key resistance zone and might present the first opportunity to take profits.
Second Target: $2.80 – A psychological resistance area, aligning with the increasing bullish sentiment.
Third Target: $3.00 – A major round figure and potential strong resistance, assuming continued bullish momentum.
3. Stop Loss:
Set a stop loss at $2.30 to protect from significant losses in case of a trend reversal below the support zone.
Bearish Scenario (Downward Reversal)
1. Entry Point:
If the price fails to hold above the $2.40 level and breaks below $2.30, look for short opportunities.
2. Target Levels (Take Profit):
First Target: $2.10 – A reasonable pullback target where the price might find support.
Second Target: $2.00 – The 24-hour low and a significant support level.
Third Target: $1.85 – A deeper retracement level, depending on market conditions.
3. Stop Loss:
For short positions, set a stop loss at $2.55 to limit risk if the price reverses back above the previous resistance level.
Momentum Indicators:
Relative Strength Index (RSI):
The RSI is currently in the 50-60 range, indicating neutral to moderately bullish momentum. A further rise above 70 would signal overbought conditions, while a drop below 30 would indicate oversold conditions.
