The chart here shows that the price has been in a downtrend from May 2023 to around March 2024. There was a consolidation phase afterward, followed by a recent attempt to reverse the trend from the support zone.
Support Zone: Between approximately 16.00 and 18.00 USDT. This is a significant support area where buying interest has been strong enough to prevent further declines.
Resistance Levels:
- Immediate Resistance: Around 21.20 USDT. Price has approached this level, and it might act as a short-term barrier.
- Further Resistance: Between 27.11 and 31.10 USDT. This zone has previously acted as resistance and could pose a challenge for price movement.
- Higher Resistance: Around 38.60 USDT and 50.10 USDT. These levels could be potential targets if the price breaks through the initial resistance zones.
Bullish Scenario:
- If the price can break above the immediate resistance at 21.20 USDT, the next target would be the 27.11-31.10 USDT zone. A successful breakout above this could lead to a move towards 38.60 USDT and potentially 50.10 USDT.
Bearish Scenario:
- If the price fails to hold above the support zone, it might revisit the recent lows around 18.00 USDT. Further downside could be limited by the next major support at around 16.00 USDT.
- Volume: There is an increase in volume corresponding to the recent upward movement, which supports the potential for a trend reversal.
- Stochastic RSI: The Stochastic RSI is in the oversold region and starting to move upwards, indicating potential bullish momentum.
Support Zone: Between approximately 16.00 and 18.00 USDT. This is a significant support area where buying interest has been strong enough to prevent further declines.
Resistance Levels:
- Immediate Resistance: Around 21.20 USDT. Price has approached this level, and it might act as a short-term barrier.
- Further Resistance: Between 27.11 and 31.10 USDT. This zone has previously acted as resistance and could pose a challenge for price movement.
- Higher Resistance: Around 38.60 USDT and 50.10 USDT. These levels could be potential targets if the price breaks through the initial resistance zones.
Bullish Scenario:
- If the price can break above the immediate resistance at 21.20 USDT, the next target would be the 27.11-31.10 USDT zone. A successful breakout above this could lead to a move towards 38.60 USDT and potentially 50.10 USDT.
Bearish Scenario:
- If the price fails to hold above the support zone, it might revisit the recent lows around 18.00 USDT. Further downside could be limited by the next major support at around 16.00 USDT.
- Volume: There is an increase in volume corresponding to the recent upward movement, which supports the potential for a trend reversal.
- Stochastic RSI: The Stochastic RSI is in the oversold region and starting to move upwards, indicating potential bullish momentum.