For those following RESOLV, let's talk about its recent trends. From this 1-hour chart, RESOLV is currently in a rather delicate position. To put it simply: there's support when it goes down, and pressure when it tries to go up, stuck in between.
Current situation:
Position is low: The price is currently hovering near the lower Bollinger band. The lower Bollinger band usually indicates that the price has dropped a bit too much in the short term, technically there is a certain demand for a rebound, just like when something falls to the ground, it has to bounce a little.
There is a 'hand' supporting below: Looking at the order book data on the chart, there are many buy orders placed in the price range of 0.22437 to 0.22440 USDT. This indicates that many people find this price quite attractive and are willing to buy at this level, forming the 'first line of defense', also known as 'support'. The latest transaction price also falls within this area, indicating that capital is indeed taking over.
There is a 'mountain' pressing from above: It's not easy to go up. Near 0.22446 to 0.22448 USDT, there are many sell orders stacked, which is the 'second resistance level'. To push up, these sell orders need to be digested first, just like climbing a mountain is laborious.
News front is calm: Currently, there are no major positive or negative news affecting RESOLV. The overall market sentiment and the trends of major currencies like Bitcoin will also impact it, so keep an eye out.
What does the future hold? Two possibilities:
Possibility one: Hold firm, attempt a rebound.
If the price can steadily hold above the 0.22437 - 0.22440 support zone, then there is hope for stabilization in the short term. Technically oversold, with buying support, there is a chance to attempt to push up towards the 0.22446 - 0.22448 resistance zone.
Key point: When rebounding, is there 'volume'? If the trading volume significantly increases along with the price rise, the possibility of breaking through the resistance level will be greater. Once it breaks through and holds, the short-term rebound space will open up.
What if it can't break through? Then it may oscillate back and forth between this support and resistance level, which is called 'bottoming out', and it needs time to accumulate strength.
Possibility two: Support fails, continues to probe downwards.
If the buy orders in the 0.22437 - 0.22440 area cannot hold and are pierced by large sell orders, resulting in an effective breakdown, then the short-term trend will weaken.
After breaking down, we need to pay attention to where the more important 'first support level' is below. It may continue to look for new support points downwards.
Be alert for signals: If you see buy orders in the support zone being quickly consumed, or if there are consecutive large sell orders being executed, be cautious.
Summary and advice:
Currently, the short-term direction of RESOLV is unclear, and it is in an observation period. Be more cautious in operations:
Keep a close eye on the support level: Treat the 0.22437 - 0.22440 area as a short-term important 'bull-bear dividing line'. If the price stays above this level, cautiously observe for rebound opportunities; if it effectively breaks below, be wary of risks in the short term.
Observe the resistance level: If there is a rebound, focus on whether the 0.22446 - 0.22448 can break through with volume. If it can't get through, the rebound may end.
Pay attention to trading volume: Volume is a key signal to judge the authenticity of breakouts.
Pay attention to news: Keep an eye on the latest dynamics of the RESOLV project and news in the entire cryptocurrency market.
RESOLV is stuck at a critical point! Is the lower Bollinger band a 'springboard' or a 'slide entrance'?
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In the short term, RESOLV is 'a dragon or a bug', it depends on whether it can 'stand firm' on the support, so pay attention to Qiu Ge, we will have a detailed chat.
$RESOLV
