$PSG Recent Technical Analysis and Trading Setup 🔥🔥🔥🔥 Skyrocketing to the Moon
Support and Resistance
1. Support Level:
Strong support is visible around $3.15, as indicated by previous consolidation and a rebound from this level.
2. Resistance Level:
The immediate resistance is at $3.60, where the price sharply reversed after a spike.
Entry Points
1. Short Position Entry:
Consider shorting near $3.60, provided it fails to break above this resistance level with confirmation of a reversal (e.g., bearish candlestick patterns or declining volume).
2. Long Position Entry:
A potential long position could be initiated near the $3.15 support level if the price retests this level and shows signs of a bullish reversal.
Alternatively, if the price breaks above $3.60, enter a long position after confirmation of the breakout (e.g., retest of $3.60 as new support).
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Target and Stop Loss
1. Short Position:
Target: $3.30 (midway) or $3.15 (support level).
Stop Loss: $3.65 (above resistance).
2. Long Position:
Target: $3.60 (resistance) or higher if the breakout is confirmed.
Stop Loss: $3.10 (below support).
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Market Insights
The coin has seen a sudden spike in volume and price, indicating potential news or increased demand. However, spikes like these can lead to sharp reversals.
The RSI and MACD appear positive, suggesting bullish momentum in the short term. Monitor closely for overbought conditions.
Check for fundamental drivers, such as news about the team or updates on partnerships that might justify the spike.
So
If you're risk-averse, wait for clearer price action around support ($3.15) or resistance ($3.60).
Use stop losses diligently to minimize risk, as this price action suggests volatility.