Based on the current data and recent technical analysis, here's a potential short-term trade plan for the LAYER token #layerusdt
Current Price: Approximately $2.02 (fluctuating - see image for the exact real-time price).
Recent Observations:
* The price has experienced a significant drop in the last 24 hours (around -36%).
* The price is currently below the middle band of the Bollinger Bands, suggesting bearish momentum.
* However, there might be some short-term support forming around the $1.95 level (the 24-hour low).
Potential Bullish Scenario (Short-Term Rebound):
* Entry: Consider a potential long entry if the price shows signs of strong rejection at or above the $1.95 support level. Look for bullish candlestick patterns (e.g., a bullish engulfing or hammer) on lower timeframes (e.g., 15m or 1h).
* Target 1: The previous local high around $2.20 - $2.25 could act as the first profit target.
* Target 2: If bullish momentum continues, the middle band of the Bollinger Bands (currently around $2.78) could be the next target.
* Stop Loss: Place a stop-loss order below the $1.95 level to protect against further downside. A level around $1.90 or slightly lower could be considered.
Potential Bearish Scenario (Continuation of Downtrend):
* Entry: If the price breaks decisively below the $1.95 support level with strong volume, consider a short entry.
* Target 1: Look for potential support around the $1.80 - $1.85 level.
* Target 2: If the bearish momentum persists, the next significant support level isn't immediately clear from the provided chart but could be sought at lower price points based on broader market analysis.
* Stop Loss: Place a stop-loss order above the entry point, potentially near the $2.05 - $2.10 level, to limit potential losses if the price reverses.
Important Considerations:
* High Volatility: Cryptocurrency trading is highly volatile. Be prepared for rapid price swings.
Buy and future trade start here