Analysis of Currency $LAYER
Daily Drop Rate: -21.11%
Current Price: 1.3333 USDT
Technical Indicators:
RSI(6): 29.35 → In the oversold zone (below 30), which may indicate a potential rebound.
MACD: -0.0007 (negative) with a bearish crossover, indicating continued selling pressure.
KDJ: K = 26.69, D = 40.29, J = -0.52 → Also in the oversold zone.
Williams %R: -87.28 → In the extreme oversold zone.
STOCHRSI: 44.27 and 51.06 → Neutral, indicating a potential beginning of a rebound.
Additional Technical Analysis:
Candlestick Chart: Shows consecutive red candles with a significant increase in trading volume, indicating strong selling pressure.
Moving Averages:
MA(5): 147,627.30
MA(10): 177,637.62 Current price is below both moving averages, indicating a downward trend in the short term.
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Targets:
Downward (in case of breaking current support):
1. 1.25 USDT: Psychological and nearby support.
2. 1.10 USDT: Previous strong technical support.
3. 0.95 USDT: Potential previous bottom.
Upward (in case of rebound):
1. 1.45 USDT: First nearby resistance.
2. 1.60 USDT: Crossover with MA(5).
3. 1.75 USDT: Crossover with MA(10).
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Recommendation:
Short Term: Do not buy now due to continued selling pressure and generally negative indicators, unless a strong reversal candle appears or a clear breakout occurs at resistance 1.45.
Best Opportunity: Wait for confirmation of the rebound with RSI above 35 and indicators supporting positive change.
For the adventurous trader: Partial entry with a stop loss below 1.25, and initial target 1.45.