technical analysis for $THE /USDT, along with trade signals, three target levels, and momentum considerations:
Technical Analysis for THE/USDT
Current Price: $2.28 (-6.67% drop)
24h High: $2.6250
24h Low: $2.1905
Trend: Bearish short-term (currently experiencing a price decline).
Support Levels: $2.1905 (recent low), $2.15, $2.10
Resistance Levels: $2.6250 (recent high), $2.50, $2.35
Momentum Analysis:
The price has recently seen a drop of around 6.67%, suggesting some bearish momentum.
The volume suggests high activity, with a significant volume of 131.71M USDT traded, indicating interest but the market is leaning more bearish.
The depth of the market stands at 6.43%, showing decent liquidity but still within the range of price fluctuations.
Trade Signals & Target Levels:
Bullish Scenario (If the price bounces up):
1. Target 1 (T1): $2.35
If the price breaks the resistance at $2.30, expect a move towards $2.35.
2. Target 2 (T2): $2.50
A sustained break above $2.40 could drive the price to the next resistance level.
3. Target 3 (T3): $2.62
A retest of the 24h high at $2.6250 is possible if bullish momentum sustains.
Bearish Scenario (If the price continues to fall):
1. Target 1 (T1): $2.15
If the price breaks below the recent low of $2.19, look for a potential drop to $2.15.
2. Target 2 (T2): $2.10
A deeper pullback could take the price to around $2.10, where it might find additional support.
3. Target 3 (T3): $2.00
A severe correction could push the price toward $2.00 if strong selling pressure persists.
Trade Momentum:
Short-term momentum: Bearish (6.67% drop and sustained volume below the 24h high).
Momentum indicators (RSI, MACD) will help determine if oversold conditions are forming or if further bearish momentum is in play. If the RSI is below 30, it could indicate a reversal potential.
Conclusion:
Entry for Long: Consider entering if price breaks above $2.30, targeting $2.35 or higher.
Entry for Short: If price falls below $2.19, short the market with targets of $2.15 and $2.10.