Bearish bias, with a -4.99% drop in the last 24 hours, but showing signs of stabilization around $8.25.
Price is hovering near key support levels, with a chance of consolidation before deciding on the next move.
2. Key Support Levels:
$8.17 (recent low, a critical support level to watch for potential bounce)
$8.00 (stronger support area for possible reversal)
3. Key Resistance Levels:
$8.50 (immediate resistance)
$8.97 (previous high, major resistance to break for further upside)
4. Indicators:
RSI: 39 (approaching oversold, potential for reversal if momentum shifts)
MACD: Bearish but showing signs of flattening, indicating a potential shift to bullish momentum.
Volume: Moderate volume with slight uptick, signaling indecision but potential for a bounce.
Trade Strategy 🎯
Entry Zone: $8.17 - $8.25 (Watch for confirmation of support around $8.17)
Stop-Loss: $8.00 (To limit risk in case of further downside)
Target Levels 🚀
1. 🎯 Target 1: $8.50 – Immediate resistance, a breakout above this level could lead to higher targets
2. 🎯 Target 2: $8.75 – Strong resistance, potential for a continuation if momentum increases
3. 🎯 Target 3: $8.97 – Extended target for a full recovery to recent highs
Trade Tip:
If the price holds above $8.17 and shows signs of consolidation, look for long positions. A breakout above $8.50 can offer confirmation for a move toward $8.75 or higher.
