$MOODENG Here is the technical analysis for MOODENG/USDT with an 8-hour outlook:
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1. Current Price: 0.40920
The price is in a downtrend, with a minor correction visible on the 15-minute chart.
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2. Technical Indicators:
RSI (Relative Strength Index):
Near the oversold level (below 30), indicating a potential rebound, but the overall trend remains weak.
MACD:
The histogram shows bearish momentum, with the MACD line below the signal line.
Stochastic RSI:
Approaching the oversold area, suggesting a possible minor pullback upward before continuing the trend.
Volume:
Low trading volume, indicating a lack of significant buying pressure.
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3. Support and Resistance Levels:
Key Support: 0.40500
Key Resistance: 0.41500
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4. Entry and Stop Loss Strategy:
Buy Entry:
If the price drops near the support zone at 0.40500, watch for a reversal confirmed by the RSI or Stochastic indicators.
Enter around 0.40600 - 0.40700.
Stop Loss (SL):
Set SL below the strong support level, such as at 0.40300.
Take Profit (TP):
TP1: Around 0.41500 (nearest resistance).
TP2: If there’s a breakout, target 0.42000.
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5. Notes:
Be cautious of false breakouts if the price breaches the support level.
If selling pressure remains strong, avoid entering until a reversal is confirmed.
Monitor volume closely. Without increased volume near the support, the downtrend may continue.