technical analysis for $ACX /USDT with three target levels and trade momentum:🚀🚀🎯🎯🚀🎯
Current Price: $0.7070
Trend: Bearish (down 13.07% in the last 24 hours)
Key Support Level:
$0.6952 (24h Low) – This is a strong support level. If the price drops below this, further downside could be expected.
Key Resistance Level:
$0.7517 (SAR Level) – The price could face resistance here as it tries to break the downtrend.
Indicators:
RSI: Bearish pressure as the price is below the neutral level of 50, indicating a potential for further downside.
MACD: Negative, indicating the possibility of more selling pressure.
Moving Averages: Price is below key moving averages (e.g., 50 and 200), supporting the bearish trend.
Trade Signal and Target Levels
1. Entry Point:
Consider entering a short position near $0.7100–$0.7150 if the price struggles to break above the SAR level ($0.7517).
2. Target Levels:
Target 1: $0.6950 (Support Level) – First level of profit-taking, where price may reverse or consolidate.
Target 2: $0.6800 – A deeper level of support if the bearish trend continues.
Target 3: $0.6500 – Further downside if the broader market sentiment remains negative.
3. Stop Loss:
Place a stop loss above $0.7550 (just above SAR resistance) to manage risk in case the price breaks the downtrend.
Momentum:
Bearish Momentum: The market is currently showing strong selling pressure, with a significant decrease over the last 24 hours. Given the consistent lower highs and the lack of significant bullish reversal signals, this could continue in the short term.