$KOGE /USD BEARISH ANALYSIS: PREPARING FOR A DOWNTREND ๐๐ฐ
Based on the daily chart, $KOGE is showing signs of a potential bearish continuation. The price has been in a clear downtrend, and key technical indicators suggest more downward momentum is likely.
๐ KEY LEVELS
* Current Price: $48.02
* Resistance: The primary resistance level is around $48.50, which acted as a previous support and is now a key point of confluence with a descending trendline. The MA(25) at $48.00539 is also acting as a short-term resistance.
* Support: The immediate support level is the recent low at $45.60. A break below this level would likely trigger a further sell-off.
๐ TRADE SETUP (SHORT)
* Entry: A short entry is recommended on a confirmed break below the current consolidation area. A good entry point would be below the minor support at $47.50.
* Target 1 (TP1): $45.60 (Previous low)
* Target 2 (TP2): $44.00 (Psychological support level and potential extension)
* Stop Loss (SL): Place the stop loss above the immediate resistance level at $48.55 to protect against a reversal.
โ ๏ธ RISK MANAGEMENT
Always use a tight stop-loss and do not risk more than 1-2% of your total trading capital on a single trade. The market is highly volatile, so a disciplined approach to risk is crucial. This is not financial advice, trade at your own risk.
