technical analysis and trade signals for $IO /USDT based on the data provided:
1. Price Overview:
Current Price: $4.19 (a significant increase of +29.53% in the last 24 hours)
24h High: $4.219 (near the current price, showing potential resistance)
24h Low: $3.103 (a clear support level)
2. Support and Resistance Levels:
Support Level: $3.10 (24h Low)
Resistance Level: $4.22 (24h High)
Given that the price is near the $4.22 resistance, there might be a slight retracement or consolidation before breaking higher.
3. Momentum Indicators:
Momentum is strong, with a significant increase in price (+29.53%) and higher trading volume (107.88M USDT).
The Market Depth suggests dominance of buying pressure with 64.5% on the ask side.
The RSI (Relative Strength Index) could be in the overbought zone (near 70), signaling that a pullback could happen soon.
4. Trend Analysis:
Currently, IO/USDT is in an uptrend with bullish momentum.
Short-term momentum is very positive due to the breakout past the previous resistance zone.
Trade Signals with Target Levels:
Bullish Trade Setup (Long Position):
Entry Point: Enter around $4.10 - $4.15 (a slight pullback from the current price)
Target Levels:
Target 1: $4.35 (Next resistance zone based on price movement)
Target 2: $4.50 (Psychological resistance level)
Target 3: $4.70 (A strong potential breakout level, if bullish momentum holds)
Stop Loss:
Set a stop loss just below the $4.00 level to protect from any sharp reversal.
Momentum Strategy:
If price starts to move above $4.22, momentum can continue upwards, so consider entering the market once the breakout is confirmed above this level.
If a pullback occurs near the support level at $3.10, it could be a good opportunity to enter with a long position near that level.