Technical Analysis Report for $GLM /USDT

The GLM/USDT pair has experienced significant volatility over the last 24 hours. The coin price declined sharply by 25.71%, dropping to $0.4763, after reaching a 24-hour high of $0.6583 and a low of $0.4694. The chart shows a strong bearish movement following a sharp upward spike.

Indicators and Key Levels

1. Resistance Levels (marked in white):

$0.5500: Recent rejection point.

$0.6583: 24-hour high, acting as major resistance.

2. Support Levels (marked in green):

$0.4694: Recent low, critical short-term support.

$0.4500: Next significant support level if selling pressure continues.

3. Bearish Signals (red):

RSI (6): 28.20, indicating oversold conditions but with continued downside pressure.

Volume: Declining bullish volume on rebounds, suggesting weakness.

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Trade Signals

Short Trade Signal

Entry Price: $0.4800

Take-Profit Targets:

1. $0.4600

2. $0.4400

3. $0.4200

Stop-Loss: $0.5000

Long Trade Signal (High Risk)

Entry Price: $0.4700

Take-Profit Targets:

1. $0.5000

2. $0.5250

3. $0.5500

Stop-Loss: $0.4500

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Cautionary Notes

Traders should monitor price action around the $0.4694 support. A breakdown could trigger further losses, while a bounce may lead to consolidation or reversal.

Watch for RSI to climb above 30 and sustained volume increase to confirm potential bullish momentum.

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