Support and Resistance Levels: - **Resistance:** $2.4977 – This is the 24-hour high and a key resistance level. A breakout above this point could signal strong bullish momentum. - **Support:** $2.1050 – This lower region is critical, with further support near the 24-hour low at $1.8810.
**Position Recommendations:**
- **Long Position:** Consider entering a long position if the price breaks above $2.50 with strong volume, targeting $2.60-$2.70. Ensure a stop-loss around $2.30 to protect against sudden pullbacks.
- **Short Position:** A short position might be viable if the price fails to hold above $2.26 and falls below $2.20. Target a decline toward $2.10 with a stop-loss at $2.35 to manage risk.
**Market Insights:**
- **MACD Analysis:** The MACD (Moving Average Convergence Divergence) shows bearish momentum as the MACD line (yellow) is below the signal line (purple), indicating a potential downtrend continuation. Wait for a bullish crossover for stronger long signals.
- **Volume Trends:** The declining volume suggests weakening buying interest. A volume surge near support or resistance could determine the next move. **Overall Sentiment:** The market shows signs of consolidation after hitting $2.4977. Watch for a breakout from this consolidation zone. Stay cautious of false breakouts due to volatile conditions.
0 people tipped the creator.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content.See T&Cs.
