$BLZ BLZ/USDT, here is the analysis for the next 12 hours:
Current Chart Condition:
1. Current Price: 0.1359 USDT, with a 24-hour increase of +16.35%.
2. Technical Indicators:
Moving Averages (MA): The price is above MA 25 and MA 99, indicating a bullish trend.
RSI: 83.87 (in the overbought zone, indicating potential for a correction).
MACD: Positive histogram with the MACD line above the signal line, reinforcing bullish momentum.
Volume: There is a spike in volume, suggesting increased buying interest.
12-Hour Projection:
Sentiment: Strong bullish trend, but there is a risk of a correction due to the overbought RSI.
Price Targets:
Immediate resistance: 0.1375 - 0.1400 USDT.
Strong support: 0.1300 - 0.1320 USDT.
Entry and Stop Loss Recommendations:
1. Entry Buy:
Wait for a pullback to the support area of 0.1320 - 0.1330 USDT for a conservative buy entry.
Alternatively, enter on a breakout if the price breaks above 0.1375 with strong volume.
2. Stop Loss (SL):
Place the SL below the nearest support, around 0.1280 USDT.
Notes:
If the price fails to hold the 0.1300 support, the short-term bullish trend may reverse.
Risk management is crucial as the crypto market tends to be highly volatile.