$OM Next target analysis:
For a short analysis targeting the next potential price movement for OM/USDT, let’s break it down:
Key Observations:
1. Current Resistance Zone:
1.6574 is a recent high and a key resistance level. If the price fails to break above it, a rejection from this level could lead to a pullback.
2. Support Levels:
First support: Around 1.5990 (EMA 7), which could act as a soft stop for a short-term retracement.
Second support: Near 1.5269 (EMA 25), providing a stronger zone of interest for shorts.
Deeper support: 1.4628 (EMA 99), aligning with prior consolidation.
3. Indicators:
RSI & Stoch RSI in overbought levels suggest the potential for a downside move.
Momentum may slow near the highs.
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Short-Term Scenarios:
Bearish Targets:
1. Immediate Downside:
Target 1.5990 as a first short-term target.
2. Extended Downside:
If bearish pressure continues, next targets are 1.5269 and potentially 1.4628.
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Entry and Exit Levels:
Short Entry: Look for rejection near 1.65 - 1.6574, or a breakdown below 1.63.
Take Profit: Stagger take profits at 1.5990, 1.5269, and 1.4628.
Stop-Loss: Place a stop-loss above 1.6575 to limit risk in case of a bullish breakout.
