Current Price: $3.1383 (-8.57% today).
Trend Analysis:
The price is trending below the 60-day moving average ($3.2122), indicating bearish momentum.
MACD histogram shows deepening red bars, further confirming bearish pressure.
Key Observations
Support & Resistance Levels:
Immediate Support: $3.10 - Key psychological level.
Strong Support: $3.00 - Historical level of demand.
Resistance: $3.20 (MA60) and $3.25 - Previous local peak.
Volume Profile:
Increased sell volume indicates strong bearish activity, but overextended selling could lead to a temporary bounce.
Trading Strategy
1. Short Strategy:
Entry Point: $3.20 (If the price retraces to MA60 and fails to break).
Stop Loss: $3.25 (Above resistance to limit risk).
Take Profit:
TP1: $3.10 (Immediate support).
TP2: $3.00 (Next major support).
2. Long Strategy (Countertrend):
Entry Point: $3.00 (If price reaches this support and shows signs of consolidation or bullish reversal).
Stop Loss: $2.95 (Below support to manage risk).
Take Profit:
TP1: $3.10 (Resistance from the breakdown).
TP2: $3.20 (MA60 level).
Contingency Planning (If Signals Go Against You):
Plan A: Short Trade Turns Against You
Trigger: If price crosses $3.25 resistance.
Action: Close the short position immediately and reassess; consider a long entry above $3.25 with TP at $3.35.
Plan B: Long Trade Fails at $3.00
Trigger: If price drops below $2.95 with strong sell volume.
Action: Exit long trade and consider shorting with TP at $2.85 (next likely support).
Plan C: Sideways Market
Trigger: If price consolidates between $3.10-$3.20 without clear direction.
Action: Stay on the sidelines to avoid getting chopped; wait for a breakout above $3.25 or a breakdown below $3.10.
Trade Duration:
Short-Term Trade: 1-4 hours for scalping within the identified levels.
Swing Trade: 1-2 days depending on how quickly the price moves toward targets.
Additional Tips:
Monitor volume for confirmation of breakout/breakdown.
Use smaller positions in volatile markets.
Keep an eye on broader market sentiment, especially BTC/USDT movements, as they often influence altcoins.
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