📊 $THE USDT Perpetual Contract Chart Analysis

Key Observations: #thereum

1. Recent Decline:

The chart reflects a consistent bearish trend, with prices declining steadily over recent weeks.

2. Major Support Levels:

1.8317 and 1.7007 have been identified as critical support zones where price action has shown signs of stability.

These levels will be key for monitoring potential reversals or further declines.

3. Breakout Levels:

The price had earlier broken above the 2.1760 and 2.6044 levels but has now fallen below them, confirming bearish dominance.

Regaining these levels will be critical for any bullish momentum.

4. Big Bull Breakout Level:

3.1860 is the major upside level to watch for a bullish reversal.

Breaking above this level could signal a significant trend shift towards strong bullish sentiment.

Potential Scenarios:

1. 🔻 Bearish Scenario:

If selling pressure continues, the price may retest the 1.7007 support level.

A break below this level could trigger further declines.

2. 🔼 Bullish Scenario:

A recovery above the 2.1760 breakout level would indicate a shift in momentum, potentially signaling a bullish reversal.

If this occurs, the next key levels to watch will be 2.6044 and 3.1860.

⚠️ Disclaimer:

This analysis is based on observed price action and key technical levels. It is not financial advice. Always conduct thorough research and consult with a financial advisor before making any trading decisions.