RED/USDT is experiencing a significant drop in price, currently trading at 0.8363, down 39.16% in the last 24 hours. The price has fluctuated between a high of 1.3988 and a low of 0.8101, indicating high volatility and strong selling pressure.
Price action shows that support at 0.81 has been tested multiple times and is holding for now. However, the failure to sustain higher levels suggests a bearish trend. Moving averages indicate a lack of strong buying momentum.
The MACD indicator shows a weak bearish phase, with DIF at -0.0110, DEA at -0.0105, and a MACD histogram of -0.0005, suggesting limited bullish momentum.
Key levels to watch include support at 0.81 and resistance between 0.94 and 1.00. If the price holds above 0.81 and buyers regain control, a retest of 0.94 to 1.00 is possible. However, if support at 0.81 breaks, further downside towards 0.75 or 0.70 could follow.
Short-term traders should watch for a bounce from 0.81 with tight stop-losses, while long-term investors may want to wait for a confirmed trend reversal. Stop-loss levels should be set below 0.80 to minimize risk. The overall market sentiment remains bearish unless a strong recovery occurs.