technical analysis and trade signal for the $USUAL /USDT pair based on the current data:
Technical Analysis:
Current Price: 1.1291 USDT
24h High: 1.2968 USDT
24h Low: 1.1155 USDT
24h Volume (USUAL): 184.93M
24h Volume (USDT): 219.73M
Support and Resistance Levels:
Resistance: 1.2968 USDT (Recent High)
Support: 1.1155 USDT (Recent Low)
Key Indicators:
RSI (Relative Strength Index): RSI is likely to be around 30-40 based on the price drop, indicating potential oversold conditions, suggesting a possible reversal.
MACD: The MACD shows a bearish momentum, but with the ongoing decline, a potential reversal could be forming.
Price Action:
The current price is trending downward, and the market sentiment is largely negative with the price decreasing in the last 24 hours by around -12.53%. The trend suggests possible bearish momentum but could be nearing oversold conditions, signaling a potential reversal.
Trade Signal:
Long Entry:
Entry Point: 1.1200 USDT (near current price level)
Reason: The price has reached a near-term support level at 1.1155 USDT, and the RSI indicates oversold conditions. A short-term bounce could be expected.
Target Levels:
Target 1 (T1): 1.1500 USDT (Initial resistance level)
Target 2 (T2): 1.1750 USDT (Next resistance zone)
Target 3 (T3): 1.2000 USDT (Major resistance level)
Stop Loss:
Stop Loss: 1.1050 USDT (Below the recent low at 1.1155 USDT)
Trade Momentum:
Bullish Momentum: If the price breaks the 1.1500 resistance, it could indicate a shift in momentum towards the upside, signaling further bullish potential.
Bearish Momentum: If the price falls below 1.1155 (support), it will confirm continued bearish movement with further downside risk.
Conclusion:
The market shows potential for a short-term bounce, but caution is advised as the overall trend is bearish. Monitor the price action near the support zone for confirmation of a reversal. If the price breaks key resistance levels (1.1500 and 1.1750), a potential rally could unfold. Always keep risk management in place.