The $USUAL /USDT chart showcases a strong initial uptrend followed by a steep correction. Here’s a detailed breakdown of the current market situation, key levels, and strategies for traders:
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Current Price Trend
Price: $0.6936 (down 15.10% today).
The asset has shown a significant decline from its recent peak of $1.6521, reflecting a bearish correction phase after a massive bullish rally.
Key Levels
1. Support Levels:
Immediate support is around $0.6700 (24-hour low).
Strong historical support near $0.2912, where a prior consolidation occurred.
2. Resistance Levels:
First resistance is around $1.0127 (previous local high).
Major resistance sits near $1.6521 (all-time high).
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Indicators and Signals
Moving Average (MA): The price is trading below the 7-day MA ($1.0294), indicating bearish momentum.
Volume: High trading volume signals active participation but also reflects selling pressure.
Price Action: The steep drop suggests caution as the asset is still in correction mode.
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Trading Strategies
1. For Short-Term Traders:
Wait for a clear breakout above $1.0127 to confirm bullish momentum before entering long positions.
If the price breaks below $0.6700, it may head lower; consider shorting or waiting for a reversal signal.
2. For Long-Term Traders:
Monitor the price action around the $0.6700 - $0.7000 range. If the price stabilizes and forms a base, it could signal a buying opportunity for the next potential rally.
3. Breakout Signal:
A bullish breakout above $1.0127 with strong volume would signal a continuation of the uptrend.
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Should Traders Buy?
Risk Level: High, given the ongoing correction and bearish indicators.
Recommendation:
Short-term traders should avoid buying until the price reclaims the $1.0127 level with strong confirmation.
Long-term traders might consider a small entry near support ($0.6700), but only if the price shows stability and reversal patterns.
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Conclusion
The USUAL/USDT pair is in a critical phase. Traders should exercise caution and wait for a clearer trend direction. Look for breakout signals above resistance or a strong support rebound before taking positions. Managing risk with tight stop losses is essential in this volatile market.
Disclaimer: Conduct your own research before trading and invest responsibly.
