$USUAL
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Technical Analysis:
- Moving Average (MA): The current price is above both the 50-day MA and the 200-day MA, indicating an upward trend in both the short term and long term.
- Relative Strength Index (RSI): The current RSI is at 90, indicating that the market is in the overbought territory, which may lead to a price correction.
- Support and Resistance:
- **Support:** The nearest support level is $0.65, according to technical analysis.
- **Resistance:** The nearest resistance level is $1.61, the highest of the day.
Suggested Trading Strategy:
- Be cautious with the overbought area: With the RSI at a high level, investors should be cautious of the potential price correction.
- Monitor for breakthroughs: If the price surpasses the resistance level of $1.61 with increased trading volume, consider buying with the expectation of further price increases.
- Risk management: Set a stop-loss order below the support level of $0.65 to protect capital in case of a sharp price decline.
Note: The cryptocurrency market is highly volatile; therefore, managing risk and monitoring market news is very important. $BTC
