technical analysis and trade signal for the $MLN /USDT pair based on the current data:
Technical Analysis for MLN/USDT:
1. Current Price: $21.10
2. 24h High: $24.40
3. 24h Low: $19.98
4. Recent Trend: A bearish trend has formed with a significant drop in the past 24 hours (-12.12%). The price recently hit a low at $19.98, which suggests a potential support level.
Key Levels:
Support Level 1 (Strong): $19.98 (near 24h Low)
Resistance Level 1 (Immediate): $22.50
Resistance Level 2 (Target 1): $24.00
Resistance Level 3 (Target 2): $25.00
Target 3 (Final): $26.00
Trade Signals:
1. Short-term Buy Signal:
Entry Point: $20.50 - $21.00 (near support zone)
Stop Loss: $19.80 (below support level)
Target Levels:
Target 1: $22.50
Target 2: $24.00
Target 3: $25.00 (watch for resistance around $24.40)
2. Sell Signal (if price falls below support):
Entry Point: Below $19.80 (break below support)
Stop Loss: $20.20
Target Level: $18.00 (next potential support)
Trade Momentum:
Short-Term: The price is under bearish pressure, but the support around $19.98 shows potential for a rebound. A bounce from this level could initiate an upward movement towards resistance levels.
Medium-Term: If MLN holds above $19.98 and breaches $22.50, there could be potential for a sustained bullish trend.
Long-Term: Price above $24.40 could lead to further bullish momentum, potentially testing $25.00 to $26.00 as the next resistance points.
Conclusion:
For a long position, consider buying between $20.50 - $21.00, targeting resistance levels at $22.50, $24.00, and $25.00.
For a short position, if the price breaks below $19.80, you can target a drop to $18.00.
Always manage risk with proper stop-loss and consider market sentiment for confirmation before entering trades.