$CHIP USDT 1H Chart Short Analysis:
Currently, the bearish side seems more likely.
- Price Action: After rejecting from a high of 0.08567, the price has dropped to 0.07325. Lower highs are forming. Today, it's down -6.56%.
- Supertrend: The price is above the Supertrend line at 0.07036, so it's still in the green zone. However, the price has broken the trend line and has come down.
- Volume: There was a volume spike of 513M during the dump, indicating strong selling. Now the volume is decreasing.
- Support/Resistance: The nearest support is between 0.07000-0.07036 in the Supertrend zone. If this breaks, it could drop to the 24h low of 0.06756. Resistance is around 0.07416.
Short Post for Traders:
The structure on the 1h chart has shifted bearish due to a sharp rejection from 0.085. As long as the price does not break the 0.07416 resistance, there is short-term bearish pressure.
Key Levels:
- Will turn bullish if: Closes above 0.07416 on the 1h with volume. Target 0.078 - 0.082
- Will remain bearish if: Closes below 0.07036 Supertrend. Target 0.0675 - 0.0658
The order book shows 54.57% buyers, but the price is dropping - this means sellers are executing market orders.
Note: This is just chart analysis, not financial advice. Crypto is volatile. Be sure to implement your risk management and stop loss. There is a risk of liquidation in perp trades.
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