$COMBO
/USDT Technical Analysis and Trade Strategy with Three Target levels๐ฏ
Technical Analysis:
1. Price Action:
COMBO is currently trading at $0.6351, which is near the upper Bollinger Band of $0.6157. The price has shown strong momentum, up +9.59% over the past 24 hours. This suggests potential for continuation but also warns of the price being in a relatively overbought region based on the Bollinger Bands.
2. Support and Resistance:
Support: The key support level is at $0.5370, identified by the Parabolic SAR. If the price retraces, this level would likely provide a strong support zone.
3. Bollinger Bands:
The price is near the upper Bollinger Band ($0.6157), indicating that it may be testing overbought conditions. A retracement toward the middle band ($0.5575) or the lower band ($0.4994) is possible if the bullish momentum slows.
4. Market Depth:
The market depth data shows that a significant portion of the market is positioned above the current price (62.02%), indicating strong bullish sentiment, while 58.85% is positioned below the current price, suggesting moderate support in case of a dip.
Trade Strategy:
1. Entry Point:
Buy Zone: Consider entering a long position around the $0.5700 to $0.5850 range if there is a retracement, near the middle Bollinger Band or close to the Parabolic SAR support ($0.5370).
2. Target Levels ๐ฏ:
Target 1: $0.6500 โ A breakout above the previous high at $0.6354 could lead the price towards this level. This represents the next logical resistance zone.
Target 2: $0.7000 โ A further extension in the bull run could see price reaching this level, especially if the broader market remains bullish.
Target 3: $0.7500 โ In the case of continued bullish momentum and breakout, this level could act as the next major psychological resistance.
3. Stop-Loss:
Set a stop-loss around $0.5250 to $0.5300 (below the Parabolic SAR support). This allows room for the price to move but limits risk if the market reverses significantly.