Technical Analysis Report: $ORN /USDT
Current Price: $1.323 USDT
Resistance: The recent spike in price for $ORN /USDT reached a high of $1.750, which has now become the key resistance level. Given the sharp retracement from this peak, overcoming this level again may require significant buying pressure, suggesting a cautious approach if the price approaches this area.
Support: The 24h low at $1.274 acts as the current support level. This recent low could serve as a crucial juncture for ORN/USDT, as a breakdown below this point could lead to further declines, potentially testing lower support zones.
Trade Recommendation:
Long Trade: Traders might consider entering a long position if there's a strong rebound from the support level at $1.274, targeting a retest of the $1.750 high. A stop loss should be placed below $1.274 to protect against unexpected drops.
Short Trade: If the price breaks below the support at $1.274, entering a short position could be advisable, aiming for lower levels while managing risk with a stop loss just above $1.274.
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