Technical Analysis Report for $THE /USDT
Overview:
Current Price: $2.9597
24H High: $3.9200
24H Low: $2.8900
The coin has experienced a sharp decline (-13.08%) after hitting a local peak at $4.1855.
Price action suggests selling pressure dominates the market, with visible bearish candles indicating potential further downside unless support holds.
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Resistance Levels (Red):
1. $4.18 - Major resistance formed at the recent high.
2. $3.92 - Minor resistance due to the 24-hour high.
Support Levels (Green):
1. $2.89 - Immediate support as per the 24-hour low.
2. $1.44 - Significant historical support.
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Trading Signals
Short Trade Signal:
Entry Price: Between $3.00 and $3.10 (confirmation of rejection at resistance).
Take-Profit Targets:
Target 1: $2.89 (minor support).
Target 2: $2.50 (psychological level).
Target 3: $2.00 (potential long-term support zone).
Stop Loss: Above $3.30 to limit upside risk.
Long Trade Signal:
Entry Price: Near $2.90 (confirmation of bounce from support).
Take-Profit Targets:
Target 1: $3.20 (short-term resistance).
Target 2: $3.50 (mid-level resistance).
Target 3: $3.90 (24-hour high).
Stop Loss: Below $2.80 to protect from further downside.
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Indicators to Watch:
MA (7): Currently bearish, sloping down at $3.31. Watch for a reversal signal to indicate a bullish trend shift.
MA (25 & 99): Not displayed, but consider adding for clearer trend confirmation.
RSI (not shown on the chart): Monitor for oversold conditions near support.
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Cautionary Note:
Volume: High volume at recent peaks suggests strong selling pressure. Monitor for stabilization or breakout before entering trades.
Volatility: Expect significant price swings; adjust position sizes accordingly.
News: Keep an eye on any news or updates regarding THE token that could drive sentiment.
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