HOOK/USDT Technical Analysis
The chart shows an important support zone (box) between $0.388 - $0.358. This level is critical for maintaining the bullish structure. If the price holds above this zone, there is potential for a rebound toward the $0.45 resistance, aligning with key moving averages (SMA 55 and SMA 89).
The recent breakdown below the trendline indicates short-term bearish pressure, but the oversold RSI at 36.21 suggests a possible recovery.
Key Scenarios:
Bullish:
If the price holds the support zone and RSI moves upward, a test of $0.45 is likely.
A breakout above $0.45 could extend the rally toward $0.48 - $0.50.
Bearish:
A breakdown below $0.358 may lead to further downside, targeting $0.32 or lower.
Recommendation:
Watch the volume closely to confirm a move, and consider placing a stop-loss below the support box to manage risk effectively.
🚨🚨
👉Keep an eye on the charts and your portfolio, and remember: DYOR -Crypto is always changing, so stay informed before jumping in! 🚀💸