$COS / USDT Showing Continued Weakness: Downtrend Persists Near Lows š
$COS / USDT is currently trading at $0.003254, down by 2.69% today. The 4-hour chart confirms a continuing downtrend, with the price slightly decreasing by 0.25% in the last 4 hours and hovering near its 24-hour low. This indicates sustained bearish pressure with limited signs of strong support.
Key Observations:
Persistent Downtrend: The price action shows a series of lower highs and lower lows, confirming the ongoing bearish trend.
Near 24h Low: Trading very close to the 24-hour low of $0.003150, highlighting the strong downward pressure.
High Volume: The 24-hour volume for COS is 179.47M, with $582,495.63 traded in USDT, indicating significant participation in the current downtrend.
Potential Strategy:
Traders might be looking for confirmation of further downside, with potential targets at new recent lows or significant psychological levels below $0.0032. Breaking below the 24-hour low could accelerate the downtrend. Caution is advised against trying to catch the falling knife without clear signs of reversal.
Important Considerations:
Resistance Levels: The recent highs around $0.0033 and the 24-hour high of $0.003348 will act as immediate resistance.
Support Levels: Watch the 24-hour low of $0.003150 and potentially lower levels as key support areas. A break below this could lead to further declines.
Market Sentiment: Pay close attention to the overall cryptocurrency market sentiment, as it can influence the price of altcoins like COS.
Potential Reversal: While the trend is currently down, keep an eye out for any signs of reversal, such as strong bullish candles or increased buying volume at support levels, although this is not yet clearly visible.
Monitor $COS/USDT closely for continuation of the downtrend. Trade with extreme caution and manage your risk effectively. This is not financial advice.