$LPT In summary, the continuation of the rise depends on strongly surpassing the current resistance.
Bearish or correction scenario 📉
After every strong rise, a correction is a healthy thing for the market. There are indicators suggesting that the price may experience a slowdown or slight decline today.
* Support levels: If the price fails to break the resistance, it is likely to retreat to test support areas. The first important support level is around $6.20.
* Stronger support: If the decline continues, the next and most significant support area is at $5.90. Breaking this level could lead to further declines.
* Deceleration indicators: The MACD indicator has shown positive momentum but has started to show signs of deceleration, which may indicate a temporary price pause or the beginning of a consolidation phase before the next move.
In summary, failure to break the resistance may lead to a price decline to test support levels.
Summary and expectation for today
The most likely expectation for today is a period of volatile trading with a tendency towards 'stability or slight correction'.
It is possible that we will see an attempt to break the resistance, but after the significant rise that occurred, investors may tend to take profits, causing slight selling pressure that pushes the price back towards support levels.
Advice for followers:
* If considering buying: It may be wise to wait for confirmation of a break above the resistance level ($6.80) or to wait for the price to retreat to one of the strong support levels ($6.20 or $5.90).
* For those holding the currency: It is advisable to monitor resistance levels for potential profit-taking, or to place stop-loss orders below key support areas to protect profits.
> Disclaimer: This analysis is for informational purposes only and does not constitute investment advice. Cryptocurrency markets are highly volatile and risky. Please do your own research before making any investment decisions.
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