$CHESS
USDT BEARISH BREAKDOWN – WILL THE SELLING PRESSURE CONTINUE?
📉 Explanation:
$CHESSUSDT has experienced a sharp decline, currently trading at $0.0783, down nearly 17% today. The price broke major supports, indicating strong bearish momentum with slight recovery attempts visible on the 1H chart.
🔑 Key Levels:
Resistance: $0.0850 – $0.0900
Support: $0.0734 (24h low), next possible support near $0.0700
Current Price: $0.0783
🎯 Trade Setup (Short Entry):
Entry Zone: $0.0790 – $0.0800
Take Profit (TP):
TP1: $0.0750
TP2: $0.0735
TP3: $0.0705
Stop Loss (SL): $0.0830
📊 Market Outlook:
The strong breakdown from the uptrend zone with high volume sell candles signals further downside continuation if buyers fail to reclaim above $0.0850 resistance. A minor pullback is possible but overall structure remains bearish until strong reversal confirmation.
⚠️ Risk Management:
Always use strict stop-loss to limit risk, avoid over-leveraging in such high volatility breakdown setups, and manage position size according to your trading capital.
buy and trade here on $CHESS