LUMIA/USDT Analysis: Potential Reversal
Key Observations:
* Downward Trend: LUMIA/USDT has been on a downward trend, with the price currently at $1.290.
* Breaking Support: The price has recently broken below the support level of $1.179, suggesting a potential continuation of the downtrend.
Support and Resistance:
The immediate support level is now at $1.100, while the resistance lies at $1.290. A break below the support level could trigger further downside movement.
Entry Strategy:
For aggressive traders, a potential short entry could be considered near the current price, with a stop-loss placed slightly above the recent high. However, given the bearish outlook, a more cautious approach might be advisable.
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