$MOVR
/USDT Technical Analysis and Trade Strategy 🚀🎯
Technical Analysis:
1. Price Trend: The price is in an upward momentum with a +23.63% increase over the past 24 hours. The current price of $19.31 is near the upper Bollinger Band ($19.309), suggesting the market is testing the resistance zone.
2. Bollinger Bands:
Upper Band ($19.309): Price is near the upper band, indicating a potential overbought condition, and the market might see a pullback if it fails to break above.
Middle Band ($18.173): Acts as a support level, which has been holding well during retracements.
Lower Band ($17.038): Serves as a strong support if the price dips.
3. Parabolic SAR (0.02, 0.2): The SAR is at $18.238, supporting the ongoing bullish trend. The trend will remain bullish as long as the price stays above this level.
Trade Strategy:
Long Position Setup:
Entry: Enter when the price holds above $18.238 (Parabolic SAR) or if it breaks above the upper Bollinger Band ($19.309) with a confirmation candle.
Stop Loss: Place a stop loss just below the Middle Band ($18.173) or at $17.5 to account for volatility.
Target Levels 🎯:
1. First Target 🎯: $19.665 (24h High) – Look for partial profits as it approaches this resistance level.
2. Second Target 🎯: $20.50 – A psychological resistance and a potential target if momentum continues.
3. Third Target 🎯: $22.00 – A more extended target if the bullish trend persists, aiming for a breakout above current levels.
Short Position Setup:
Entry: If the price rejects the upper Bollinger Band and shows signs of a reversal (e.g., bearish candlestick patterns near $19.31).
Stop Loss: Place a stop loss above $19.665 (24h High) to protect against a breakout.
Target Levels 🎯:
1. First Target 🎯: $18.173 (Middle Band) – This will be a reasonable first support target.
2. Second Target 🎯: $17.038 (Lower Band) – A potential support level for further retracement.
3. Third Target 🎯: $16.00 – A deeper correction zone if bearish momentum accelerates.
