🚨 $HIVE /USDT Technical Analysis: Bearish Correction or Reversal Ahead? 🚀📉

Current Market Overview:

Current Price: $0.5282 (down 8.22%)

24h High: $0.6484

24h Low: $0.5199

Volume: 117.41M USDT in the last 24 hours

Key Levels:

Support Zone: $0.5199 (24h low)

Resistance Zone: $0.6484 (24h high)

Technical Indicators:

RSI (Relative Strength Index): Oversold conditions (below 30), indicating possible reversal or bounce.

MACD: Bearish crossover, indicating downward pressure but potential slowdown at support.

Volume: High, showing active market participation with potential for larger moves.

Trade Signal:

Short-term bias: Bearish, but watch for signs of a reversal.

Potential Trade Setup:

1. Entry Point: Enter between $0.5300 - $0.5400 (Look for a slight bounce or consolidation).

2. Stop-Loss: Set at $0.5100 to guard against deeper declines.

3. Target Levels:

Target 1: $0.5500 (First resistance zone).

Target 2: $0.5800 (Key resistance level, potential pullback zone).

Target 3: $0.6000 (Psychological resistance, a solid target for a strong rally).

Trade Momentum:

The market momentum is bearish; however, the RSI suggests possible oversold conditions, which could lead to a short-term bounce.

Watch for a break above $0.5400 to confirm a potential reversal, with targets in sight at $0.5500, $0.5800, and $0.6000.

Conclusion:

The market is in a downtrend, but key support levels may trigger a reversal. Keep an eye on price action around $0.5200 for possible entries.

Cautious traders should watch for a breakout above resistance to target further upside.

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