$ALT $ALT
$ALT /USDT Short Trade Analysis:
Current Price: $0.10368
Resistance Levels:
1. Primary Resistance: $0.11100 (24h High) — A key level where the price has struggled to break above recently.
2. Secondary Resistance: $0.11250 — Slightly higher resistance based on current market depth.
Entry Point:
Short Entry: Enter the short position near $0.10350 - $0.10400, near the current price, aiming for a possible rejection at these levels based on the recent high.
Stop Loss:
Stop Loss: Place the stop loss above $0.11250 - $0.11300 to protect against a breakout above resistance.
Take Profit Levels:
Target 1: $0.09617 (24h Low) — A key support level from the recent range.
Target 2: $0.09054 — A lower support zone that aligns with previous price action.
Reasoning:
ALT/USDT has encountered resistance at $0.11100 and $0.11250 in recent price action. If the price fails to break through this resistance, it could start a downtrend towards lower support levels, including $0.09617 and $0.09054.
Given the recent upward momentum, there is potential for the market to stall and reverse, providing a good opportunity to short near the resistance zone.
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