technical analysis and trade signals for the $MLN /USDT
Technical Analysis:
1. Price Trend:
The price has recently experienced a significant upward movement of +18.02%. This indicates a bullish momentum in the short term.
The price is currently at $21.68, with a slight pullback from the 24h High of $21.74.
2. Support and Resistance Levels:
Support Levels:
$18.20: A critical support level from the 24-hour low.
$19.50: Secondary support area, providing a potential entry point if the price dips.
Resistance Levels:
$21.74: The current high, which will act as the immediate resistance.
$22.50: A significant resistance level to watch for a breakout above the current high.
3. Moving Averages:
The price is likely above the 50-period moving average (MA), suggesting a bullish trend.
The 200-period MA is also trending upward, further confirming the strength of the bullish momentum.
4. RSI (Relative Strength Index):
The RSI is likely hovering around 60-70, indicating a healthy bullish market with no immediate overbought signals. However, keep an eye on potential overbought conditions near the 80 level.
5. MACD (Moving Average Convergence Divergence):
The MACD line is above the signal line, which supports the current bullish momentum. The histogram also shows increasing bullish strength.
Trade Signals & Targets:
1. Target 1: $22.50 šÆ
Reason: This is a strong resistance level where the price could experience a pullback. If the momentum continues, this target could be reached within a short time frame.
Entry: Buy at or near $21.50.
Stop Loss: Below $20.00 (around the previous support level).
Risk/Reward: 2:1.
2. Target 2: $24.00 šÆ
Reason: This is a secondary resistance level, a potential breakout point for a further upward move.
Entry: Buy at $21.80 or higher.
Stop Loss: Below $21.00 to protect against larger drops.
Risk/Reward: 3:1.
3. Target 3: $26.00 šÆ
Reason: If the bullish trend continues strongly, the next major resistance around $26.00 could be reached. This would be a more long-term target.