$ONG /USDT

In financial markets, identifying support and resistance levels is crucial for traders and investors. Support refers to a price level where an asset tends to find buying interest, preventing it from falling further. At support, the demand for the asset is strong enough to halt its decline. This zone is often seen as a good buying opportunity because it signifies that the asset is undervalued at that level.

On the other hand, resistance is the opposite: it’s a price point where an asset faces selling pressure, preventing it from rising further. Traders believe that at resistance, the asset is overvalued, leading to an increase in sell orders. As a result, prices tend to reverse or consolidate.

Both support and resistance are often identified by examining past price patterns, and they play a key role in technical analysis. Breaking through these levels can indicate the start of new trends, while failure to break through often signals a continuation of the current trend. By understanding support and resistance, traders can make more informed decisions, improving their timing for entries and exits in the market. These levels are dynamic and change as market conditions evolve.

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