Based on the provided chart:
Technical Observations:
Downtrend Line: The price is currently below the descending trendline, indicating ongoing bearish momentum.
Change of Character (CHoCH): A "Change of Character" was marked, which often signals a potential reversal or temporary shift in structure.
High Resistance Zone: The resistance zone near 0.6741 - 0.6785 USDT could act as a major target if a bullish breakout occurs.
Support Zones:0.3000 and 0.2776 USDT are acting as immediate support zones.
If the price breaks below these levels, further downside may occur.
Volume: The volume appears to increase during upward movements, suggesting buyer interest at lower levels.
Possible Next Moves:
Bullish Breakout:If the price breaks above the descending trendline, this could signal a potential reversal towards the resistance zone near 0.6741 USDT.
A long position above the trendline with appropriate risk management may align with the green box target.
Bearish Continuation:If the price fails to break the trendline and rejects downward, it could retest support levels at 0.3000 or 0.2776 USDT.
A breakdown below these levels could trigger further declines.
Key Levels to Watch:
Breakout Point: Above the descending trendline around 0.4063 USDT.
Immediate Resistance: 0.3499 USDT.
Support: 0.3000 and 0.2776 USDT.
Let me know if you'd like a more detailed breakdown or trading suggestions!
$mood
