$SHELL
/USDT SHOWS SIGNS OF RECOVERY AFTER A SHARP DECLINE – IS A REVERSAL IMMINENT?
The $SHELL/USDT pair has experienced a sharp decline, dropping 24.80% in the last 24 hours, with the price currently sitting at $0.4798. The 24-hour high was $0.6382, while the low reached $0.4625, indicating high volatility in the market.
Technical Outlook:
1. Support & Resistance:
The recent low of $0.4625 suggests strong support, where buying interest increased.
Immediate resistance lies near $0.4850-$0.5000, which must be broken for a bullish confirmation.
2. Trend & Momentum:
The chart shows a strong bearish move, but a minor recovery has begun, suggesting potential bottoming.
If buyers continue to push, $0.5200-$0.5400 could be the next resistance zone.
3. Volume & Order Book:
The order book shows 58.34% sell-side pressure, indicating bears are still in control.
However, 41.66% buy pressure suggests bulls are attempting to regain momentum.
Market Outlook:
If $0.4625 holds as strong support, we may see a short-term reversal towards $0.50-$0.52.
Failure to sustain above $0.4700 could trigger another downside move, testing lower support levels.
Traders should watch for volume confirmation and resistance breakouts before entering positions.