đTURBO/USDT Technical Analysis: Support, Resistance, and Trade Strategy (14th October 2024) đ
đ Chart Breakdown:
The TURBO/USDT pair is currently trading at $0.0087 with minor movement (+0.07%). Letâs dive into the technicals and build a strategic trade plan!
Support and Resistance Levels:
âą Immediate Support: $0.008578
This level was tested multiple times, suggesting a strong buyer zone. If price revisits this area, it can act as a potential re-entry point for a long trade.
âą Resistance Zone: $0.009150
This level capped recent upward movements, indicating strong selling pressure. If broken convincingly, it could signal the start of a bullish run.
âą 24H High: $0.009206
Close to the previous resistance. Breaking above this confirms further upside momentum.
âą 24H Low: $0.008510
If the price breaks below this, it could trigger bearish sentiment.
Moving Averages (MA):
âą MA(7): $0.008725
âą MA(25): $0.008761
âą MA(99): $0.008819
The short-term MA(7) is below the long-term MA(99), which suggests a bearish bias for now. However, a potential crossover could indicate a trend reversal in the short term.
Trade Strategy:
đŻ Long Trade Setup:
âą Entry: $0.008580 - $0.008600 (Support area)
âą Take Profit: $0.009150 (Resistance level)
âą Stop Loss: Below $0.008500
Rationale: If the price holds the $0.008578 support zone, it offers a low-risk entry with room for upside to $0.009150. Buyers may look for confirmation signals like a green candlestick above MA(7).
â ïž Short Trade Setup:
âą Entry: $0.009150 (Resistance area)
âą Take Profit: $0.008600
âą Stop Loss: Above $0.009250
Rationale: If the price struggles to break the $0.009150 resistance, a short trade targeting the lower support zone can be considered. A stop-loss above $0.009250 limits risk in case of a breakout.
Market Sentiment & Volume:
The volume bar shows strong buying activity earlier, but momentum seems to be cooling off. Traders should watch for volume spikesâa breakout with volume above the average suggests a strong trend shift.