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$SYN /USDT: BEARISH DESCENT CONTINUES đđ
The
$SYN /USDT pair is experiencing a significant downtrend, currently trading at $0.8052, down by 14.20% over the last 24 hours. The 1-hour chart on Binance shows a consistent decline with the price breaking below the EMA 50, indicating strong bearish momentum. The 24-hour high and low are $0.9827 and $0.8041, respectively, with a notable trading volume of 7.23M SYN and 6.47M USDT.
đ Current Market Conditions:
The market is under heavy selling pressure, with the price consistently making lower lows. The EMA 50 is acting as a resistance, and the price is struggling to break above it. The overall sentiment is bearish, and traders should be cautious.
đ Trade Scenarios:
- Bearish Scenario: If the price continues to fall, the next support level is around $0.7500. Traders can consider short positions with a target price (TP) of $0.7500 and a stop loss (SL) at $0.8500.
- Bullish Scenario: If the price manages to break above the EMA 50 and sustain, it could target the $0.9126 resistance level. Long positions can be considered with a TP of $0.9126 and an SL at $0.8000.
đ Market Outlook:
The market outlook remains bearish in the short term. Traders should watch for any signs of reversal or consolidation before making significant trading decisions. The overall trend suggests further downside potential unless a strong bullish catalyst emerges.
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