Overall Trend:
THE/USDT is experiencing a bearish trend on the 15-minute timeframe after a failed attempt to sustain the sharp rally above $3.00. The price is currently below the 200-period moving average (MA), signaling continued downward pressure.
Support and Resistance Levels:
Support:
Immediate support lies around $2.60-$2.65, highlighted by the recent consolidation zone.
A stronger support zone can be observed around $2.40-$2.50, which acted as a base during the prior rally.
Resistance:
The current resistance is near $3.00, which aligns with the 200-MA and previous highs.
If $3.00 is broken, the next target could be around $3.30-$3.50.
Technical Indicators:
RSI (Relative Strength Index):
The RSI is at 38.29, indicating that the price is near oversold territory. This could lead to a short-term rebound if buyers step in.
MACD (Moving Average Convergence Divergence):
The MACD histogram is in the bearish zone, with the MACD line below the signal line, confirming the ongoing downtrend.
Volume:
Volume has been declining after the initial surge during the rally, suggesting weakening momentum and reduced interest at higher levels.
Chart Patterns:
The chart shows a breakdown from the earlier support zone at $3.00, which has now turned into resistance.
The bearish sentiment is reinforced by the inability to sustain above the breakout level, leading to a descending trend.
THE/USDT is currently in a bearish structure, with the price struggling to regain momentum after failing at $3.00. Traders should monitor the $2.60 support closely as a potential rebound point.
Actionable Insight: Consider shorting on a breakdown below $2.60 with a target of $2.40. For bullish traders, wait for a breakout above $3.00 before entering, with a stop-loss below $2.80 to manage risk.