$SCRT /USDT Technical Analysis
Current Price: $0.7254
The SCRT/USDT pair is currently experiencing a bearish trend, with the price consolidating in the range of $0.6615 to $0.7683 over the past 24 hours.
Support and Resistance Levels:
Support: $0.6615 (Strong support zone)
Resistance: $0.7683 (Immediate resistance)
Trend:
The pair is in a downtrend in the short term, showing consistent lower highs and lower lows. However, the price is approaching the lower support zone, which could act as a potential reversal point if buyers step in.
Trade Targets 🎯
1. Target 1: $0.7350
This is a minor resistance level and can act as an early target for traders looking for short-term gains.
2. Target 2: $0.7450
The price could encounter resistance around this level, which aligns with the 50% Fibonacci retracement. A break above here could signal a potential upward move.
3. Target 3: $0.7680
This is the current 24-hour high and an important resistance level. A breakout above this level could trigger further bullish momentum.
Momentum:
The RSI (Relative Strength Index) is hovering near 40, indicating that the asset is approaching oversold conditions. If it crosses above 50, there could be a potential reversal or bullish momentum.
MACD (Moving Average Convergence Divergence): The MACD is showing a bearish crossover, indicating further downside risk unless we see a recovery above the $0.7350 resistance.
Trade Signal:
Short Entry:
Enter short around the current price of $0.7250 if the price fails to break the resistance at $0.7350.
Target: $0.6615 (Support)
Stop Loss: $0.7680 (Resistance)
Long Entry:
Enter long if the price breaks and closes above $0.7350.
Target: $0.7450 to $0.7680
Stop Loss: $0.7180 (Support Zone)