technical analysis for $VELODROME /USDT, along with a trade signal and target levels: 🎯🎯🚀🚀🚀🚀

Current Price: $0.2094

24h High: $0.2470

24h Low: $0.1984

Support Level: $0.1984

Resistance Level: $0.2470

SAR (Stop and Reverse): $0.2017 (suggesting a slightly bearish trend)

Chart Analysis

The price is currently trading below the SAR, indicating a bearish market sentiment. The price has seen a significant drop of around 14.91% in the last 24 hours, suggesting that VELODROME might continue its bearish momentum in the short term.

Key Indicators:

RSI: Likely to be in the oversold zone (below 30), indicating a potential price reversal, but current bearish momentum needs to be observed.

MACD: The MACD line might be below the signal line, confirming continued bearish momentum.

Momentum:

The momentum is currently negative with price dropping continuously across 15m, 1h, and 4h intervals.

Support Zone: $0.1984 (If the price drops below this, further bearish action might occur).

Resistance Zone: $0.2470 (If price approaches, it could face resistance).

Trade Signal and Targets:

Bearish Trade Setup:

Entry: Wait for a price bounce at or below $0.2017 (SAR level) for a short position.

Stop Loss: $0.2150 (slightly above SAR to avoid getting stopped out prematurely)

Target Levels:

Target 1: $0.1984 (Support Zone)

Target 2: $0.1900 (Next support level)

Target 3: $0.1800 (Extended support)

Bullish Reversal Trade (if SAR level holds and shows a reversal):

Entry: If the price breaks above $0.2150 (indicating a potential reversal)

Stop Loss: $0.1980 (below support)

Target Levels:

Target 1: $0.2250

Target 2: $0.2350

Target 3: $0.2470 (Resistance level)

Conclusion:

The market is currently in a bearish phase, and the immediate trade signal is a short position with three target levels. However, if the price shows signs of stabilization at the $0.2017 mark (SAR level), consider a reversal with a potential bullish setup targeting higher levels.

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