By analyzing the attached chart of FIRO/USDT on the 5-minute frame, the following can be concluded:
Key indicators:
1. Candle movement:
There is a strong uptrend followed by a bearish correction. The price seems to be trying to consolidate around 2.43 levels.
The highest peak reached was at 2.7337.
2. Moving Averages (MA):
The price is fluctuating near the MA5 simple moving average, indicating a relative stability with a possible trend in the near future.
3. MACD Indicator:
The MACD line is below the signal line (DEA), indicating short-term selling pressure.
The red bars in the histogram confirm the declining bearish momentum, which may mean that a stabilization or rebound point is approaching.
4. Trading volume:
There was a noticeable increase in trading volume during the rapid rise, but volumes declined during the correction, indicating weak selling momentum.
Expectations:
Upside: If the price manages to break the resistance at 2.4781 with stability and an increase in trading volume, we may see a new attempt to test the 2.6 levels or higher.
Downside: If the support level 2.43 is broken, the price could decline towards the next support at 2.31.
Recommendations:
1. For day traders:
If the price breaks 2.4781 with increasing volume, buy with target 2.6.
Place a stop loss order below 2.43 to avoid risk.
2. For short-term traders:
Waiting for the support area test at 2.31 to enter provided clear bounce signals appear.
3. Caution:
Since this is a short time frame (5 minutes), signals and indicators should be followed closely as movements can be fast and volatile.
If you need more detailed analysis or different time frames, you can request it.