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#REZ /USDT – Double Bottom Pattern or Downtrend Continuation? 🚀
The daily chart for REZ/USDT displays potential accumulation near the current low, signaling a possible double bottom pattern. However, bearish sentiment remains strong.
💰 CMP: $0.03259 (+4.46%)
📊 Key Technical Observations:
•Double Bottom Support:
•First low formed in October 2024, retested recently around $0.032.
•Neckline Resistance: $0.0445 – A breakout is needed to confirm the bullish reversal.
•Bearish Channel: Still trading under a descending resistance line.
🛠 Indicator Insights (Fortune AI Trading Indicator):
1️⃣ RSI: At 37.71, indicating oversold conditions but no clear divergence yet.
2️⃣ ADX: Showing a strong bearish trend with a value of 26.46.
3️⃣ MFI: Neutral at 38.87, reflecting a balanced volume and price movement.
4️⃣ MACD: Indicates high reversal risk, with bearish momentum prevailing.
5️⃣ Volatility: Ranging ⚠️ – Uncertain conditions with no clear trend breakout yet.
6️⃣ Timeframe Trends:
•15m: Bearish
•1h: Bearish
•4h: Bearish
•Daily: Bearish
🔮 Possible Scenarios:
•Bullish Reversal: A breakout above $0.0445 could lead to targets around $0.08–$0.10.
•Bearish Continuation: Failure to hold $0.032 may result in lower lows around $0.020 or beyond.
🚨 Strategy Suggestions:
•For Bulls: Watch for a breakout above $0.0445 with volume confirmation and increasing bullish momentum.
•For Bears: Monitor closely near $0.032; a breakdown could accelerate selling pressure to the downside.
⚙️ Tools Used: Fortune AI Trading Indicator for trend analysis, momentum evaluation, and volume insights.
⚡️ Will
$REZ /USDT reverse or continue its downtrend? Share your thoughts below! 👇