š„ $ALT at Critical Juncture: Make or Break?
Market sentiment is a tad fragile š¬ after some mixed economic data releases globally. $ALT is currently testing a significant support zone around the 0.0200 USDT mark, following an extended bearish phase. We're seeing it coil up in a tight range on the daily chart, but the Moving Averages (7, 25, 99 DMA) still suggest a headwind. Volume remains on the lighter side, hinting at trader indecision as it hovers near this pivotal point.
š Potential Long: A convincing bounce from this 0.0200 support, ideally with a daily close above immediate resistance at 0.0230 (which would clear the MA25), could signal a relief rally. Targets might then extend towards the 0.0280 - 0.0300 zone. Consider low leverage (e.g., 2-3x) if playing this bounce, given the prevailing longer-term downtrend.
š Potential Short: If sellers gain control and push decisively below the 0.0180 support level, it might unlock further downside, potentially a continuation of the broader bearish trend. Manage risk strictly in this scenario; low leverage is also advised due to the already low price point, but a break of established support could be significant.
NFA/DYOR š§
#ALT #PriceAction #CryptoTrading
