The BLZ/USDT asset chart with a 3D time interval allows us to make the following analysis:
🧐 Technical analysis:
Current situation:
BLZ price is below the Ichimoku Cloud (red cloud), indicating a dominant downtrend.
The moving average (SMA) and EMA indicators are showing bearish momentum as the price is below most of the moving average lines.
Support and resistance:
Support is at around 0.0497 USDT (lower green line). This is a key area where the asset has previously found buyers.
Resistance can be identified in the region of 0.1427 - 0.1518 USDT, where the price previously faced rejection.
Indicators:
Ichimoku: The red cloud shows potential selling pressure.
Bollinger Bands: Ranges are narrowing, which could indicate a decrease in volatility and preparation for a big move.
Parabolic SAR: The SAR dots are above the current price, which also confirms the bearish sentiment of the market.
Historical growth:
The chart shows a period of significant growth (911%) in the past, which shows that the asset is capable of strong bullish impulses under favorable market conditions.
📈 Possible scenarios:
Bullish scenario:
If the price holds above the support level of 0.0497 USDT, we can expect a rebound with an attempt to break through the nearest resistance at 0.1119 USDT and higher.
The Ichimoku cloud, with positive dynamics, may begin to narrow, opening the way up.
Bearish scenario:
A break of support at 0.0497 USDT could lead to further decline as there will be fewer buyers at this level.
🎯 Summary:
BLZ remains under pressure at the moment, but the support zone at 0.0497 USDT is key for a possible rebound. A breakout of the resistance at 0.1427 USDT and a close above the Ichimoku cloud line are needed to confirm the bullish scenario.
It is recommended to monitor the price movement near support and the dynamics of volumes in order to catch a possible trend reversal. 📊
Trade wisely and manage your risks! 🚀$BLZ