Trade Setup & Technical Analysis for RED/USDT

1. Current Market Overview:

Current Price: $0.8209

24H High: $0.8779

24H Low: $0.5494

24H Price Change: +46.02% (strong bullish momentum)

7-Day Change: +39.90% (consistent uptrend)

Volume (24H):

RED: 139.12M

USDT: 103.90M

2. Price Action & Trend Analysis:

The price surged from $0.5024 to a peak of $0.8779 before pulling back slightly to $0.8209.

A strong bullish breakout happened around $0.65, confirming an uptrend.

Short-term (1H Chart): The price is consolidating after a rapid upward movement, which could indicate either:

A continuation of the uptrend (if it breaks above resistance).

A correction/retracement (if it fails to hold key support).

3. Key Support & Resistance Levels:

Resistance: $0.8779 (recent high)

Support:

$0.7315 (previous minor support zone)

$0.6488 (previous breakout level)

$0.5024 (strong support zone)

4. Order Book Analysis:

Bid (Buy Orders): 54.13% dominance, indicating buying pressure.

Ask (Sell Orders): 45.87% dominance, slightly lower than bid side.

Closest bid at $0.8208 and closest ask at $0.8210, showing tight spread.

5. Trading Strategy & Setup:

Bullish Scenario:

If price breaks above $0.8779, it could push towards $0.90–$1.00.

Ideal buy entry: $0.80–$0.82 (support zone).

Target: $0.90–$1.00.

Stop-loss: $0.73 (below key support).

Bearish Scenario (Short-Term Correction):

If price drops below $0.80, it may test $0.73 or lower.

Short entry: Below $0.79, target $0.73–$0.65.

Stop-loss: Above $0.85 (to avoid getting trapped in a fakeout).

Conclusion:

Market is bullish, but price is near resistance.

Best play: Look for a pullback to enter long, or wait for a clear breakout confirmation above resistance.

High risk: Due to strong volatility, use tight stop-losses.

Would you like a more detailed Fibonacci or RSI analysis$RED

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