The analysis highlights that $TRX /USDT is in a bearish phase after facing a sharp rejection at $0.2920, with the key level at $0.2830 now acting as resistance. Here's a recap and strategy breakdown:
Key Levels:
Resistance: $0.2830, previously support, now flipped into resistance after a breakdown.
Major Resistance: $0.2920, where the pair faced significant rejection.
Support: $0.2750 is the next critical support zone for bearish targets.
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Entry Strategies:
1. Long Entry:
Trigger: If price reclaims $0.2830 with strong volume confirmation.
Targets: First target at $0.2880, second target at $0.2920.
Stop Loss: Place at $0.2790 for risk management.
2. Short Entry:
Trigger: If price faces rejection at $0.2830 and confirms resistance.
Target: $0.2750 for a bearish continuation.
Stop Loss: Place at $0.2850 to cap potential losses.
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Market Outlook:
Momentum: Bearish, as price remains below $0.2830 with no signs of reclaiming it.
Confirmation: Watch for a decisive breakout above or rejection at $0.2830 to validate the next move.
Risk: Increased bearish pressure could drive prices toward $0.2750, or reclaiming $0.2830 could trigger a bullish recovery.
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Conclusion:
The chart setup suggests caution, with $0.2830 being the key pivot zone. Traders should closely monitor volume and price action around this level to determine the direction. Always manage risk with proper stop losses.
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