$SYN $SYN
$SYN /USDT Short Trade Analysis:
Current Price: $0.5298
Resistance Level:
The immediate resistance level is around $0.5522 (24h high). This is a strong point where the price may face selling pressure.
A secondary resistance is near $0.5407, based on the recent price action and the MA levels.
Entry Point:
Short Entry: Enter near $0.5400 - $0.5522 (resistance zone).
Stop Loss:
Stop Loss: Place a stop loss just above $0.5600 to avoid getting caught in a potential breakout.
Take Profit Levels:
Target 1: $0.5243 (MA 7), which is the recent support.
Target 2: $0.4973 (24h low), a significant support level that could be reached if the downtrend continues.
Reasoning:
SYN/USDT has recently faced rejection near the $0.5522 level and is currently hovering close to its moving averages. The resistance at $0.5522 and $0.5407 makes for a strong short entry zone.
A failure to break these resistance levels could push the price lower, especially with the support at $0.5243 and $0.4973 as potential targets.
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