A significant event has occurred in the $CRV market: a long position worth $211,000 was liquidated at $1.007. Let's delve into the current market dynamics and identify key support and resistance levels to inform your next move.
Support and Resistance Levels:
Support: The nearest support zone is around $0.80, which aligns with the 0.382 Fibonacci retracement level. $CRV
Resistance: The immediate resistance is at $1.25. A break above this level could lead to higher price targets, with the first at $1.91.
Recommendation:
Given the recent liquidation and current price action, it's advisable to exercise caution. If the price maintains support above $0.80, it could test the $1.25 resistance. However, a drop below $0.80 may indicate further downside potential.
Next Move:
Buying: Consider buying if the price holds above the $0.80 support and shows signs of upward momentum.
Selling: If the price fails to hold above $0.80, it may be prudent to sell or avoid entering new long positions until a clearer trend emerges.
Always conduct thorough research and consider your risk tolerance before making trading decisions.
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