warning ⚠️⚠️⚠️⚠️
need to read urgently
if you are stuck in or going to invest in. ..
Based on the chart, here's a breakdown of what I see:
Current Price Action: NEIRO/USDT is in a downward movement after failing to maintain the upward momentum, currently trading near the 0.618 Fibonacci level at 0.0016585 USDT.
Fibonacci Levels: Price has broken below the 0.5 Fibonacci retracement level (0.0015760 USDT), which is typically a key level for reversals. It’s now hovering around the 0.618 level (0.0013977 USDT), indicating that there might be potential for further downside if this level is broken.
RSI: The RSI (20) at 37.92 suggests that the asset is approaching the oversold territory. However, it's not quite there yet, meaning there could still be room for further downside before any buying interest picks up.
Trend: With the break below the 0.5 level, this could be signaling a bearish trend continuation, especially if it breaks below the 0.618 level.
My Analysis:
Short: If the price breaks below the 0.618 Fibonacci level with strong momentum, it could indicate a continuation of the downtrend, and a short position might be favorable with a target around the 0.786 level at 0.0011438 USDT or even lower.
Buy: If the price holds at the 0.618 level and shows signs of reversal (like a bounce with an increase in RSI), a buy might be considered. You could target a rebound back to the 0.5 Fibonacci level or the 0.382 level for short-term gains.
Recommendation:
Watch for the break or hold of the 0.618 level. If it breaks below convincingly, short it. If it holds, look for a reversal signal for a potential buy.
$CTSI $NKN #ScrollOnBinance #APTSurpassesSUI #XRPDonationsUSElections #UptoberBTC70K? #GameFiTokensRally
