The analysis of $PIVX at $0.3750 shows signs of consolidation after a rejection at $0.4484. Here's a breakdown of the current price action:
Support Levels:
$0.3700: A key support level where the price has pulled back, suggesting a potential rebound if buyers step in.
$0.3650: A crucial stop-loss level in case the support at $0.3700 fails, preventing further downside.
Resistance Levels:
$0.3850: Immediate resistance; a successful hold above $0.3700 could lead the price to this level.
$0.3800 and $0.3900: Short-term take-profit targets if the price moves toward the resistance zone.
Entry Strategy:
For Buyers: Watch for a rebound at $0.3700. Enter with a stop-loss below $0.3650 and target $0.3850, with extended targets at $0.3800 and $0.3900.
For Breakout Traders: Look for a confirmed move above $0.3850 to aim for further upside.
Market Sentiment: The price action suggests that $0.3700 is a crucial support zone. A successful hold above it could set the stage for a rebound toward resistance levels. However, a failure to defend this support could lead to further downside, so risk management with a stop-loss is essential.
Traders should monitor the $0.3700 support level closely for signs of a bounce, adjusting their strategy as market momentum builds.
Disclaimer: This analysis is for informational purposes and should not be considered financial advice. Always do your own research before trading.
