Classic example of “Buy the Dip”. But do it cautiously.
Entry Strategy:
• Pullback Entry:
• Look for entry near $1.25-$1.30, which could act as temporary support. Oversold RSI suggests potential for a short-term bounce.
• Breakout Entry:
• If the price breaks above $1.35, it could signal the start of recovery, and entering at this level might align with renewed bullish momentum.
Stop-Loss:
• Place a stop-loss below $1.20 to protect against further downside if selling continues.
Signals to Watch For:
1. MACD Crossover: Wait for the MACD line to cross above the signal line to confirm a reversal.
2. RSI Recovery: RSI rising above 30 could indicate fading bearish pressure.
3. Volume Drop: A decrease in selling volume alongside stable price action would suggest a potential bottom.
