No, it is not the ideal time to buy right now. Here's why:
1. Bearish Momentum:
The price is below both the 25-day and 99-day moving averages, which suggests bearish sentiment in the short and medium term.
The recent drop (-12.36%) signals weakness, and there is no confirmed reversal yet.
2. Volume Decline:
The declining volume indicates reduced market interest, which can lead to further dips.
3. Support Zone Test:
The price is near the support zone at $2.22. If this level breaks, the next major support is at $1.86, offering a potentially better entry point.
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When Should You Consider Buying?
1. Wait for Confirmation:
Only buy if the price shows a clear reversal pattern (like a bullish candlestick or breakout above $2.48 with strong volume).
2. Buy on a Dip Near Stronger Support:
If the price drops to $1.86 (next major support) and shows consolidation, it could provide a better risk-reward entry.
3. Breakout Above Resistance:
If the price breaks and holds above $2.48 (25-day MA), it would signal a shift in momentum toward bullishness.
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Recommendation
Wait for more dip: If you're looking for a safer entry, monitor $1.86 as a potential buy zone.
Short-Term Traders: Only buy above $2.48 with strong volume confirmation.
Long-Term Investors: Accumulate gradually near strong support levels while keeping an eye on overall market conditions.
Key Note: Use stop-loss orders to protect your capital, as the market remains volatile.
