🚨 important Analysis update 🚨
Sharp Swings After $2 Mark, Whales Taking Profit but Uptrend Intact ! 🐳📉
On the 4-hour timeframe, $LAYER is currently trading at $1.9765, still up by a respectable 7.34% despite the recent volatility. As anticipated, after hitting the $2 mark (and reaching a 24h high of $2.0818), we're seeing sharp fluctuations likely due to whales taking profits. However, the price is still holding above the white uptrend line, suggesting the overall bullish momentum remains. The 24h volume is high at 19.59M LAYER and 38.38M USDT.
$LAYER Potential Short-Term Scenarios:
* Consolidation Above Trendline: The price might consolidate above the uptrend line as the market absorbs the selling pressure.
* Another Push Higher: If buying interest returns, we could see another attempt to break above $2.
* Break Below Trendline (Bearish Signal): A break below the white trendline would signal a potential weakening of the uptrend and could lead to further downside.
Important Support Levels:
* $1.950 - $1.970 (potential near-term support along the trendline)
* $1.900 (stronger support zone)
Important Resistance Levels:
* $2.00 (psychological resistance)
* $2.0818 (24h high)
The price action for #layer is currently at a critical point. While whales taking profit are causing volatility, the fact that it's holding the uptrend is a positive sign. Watch closely for a break of the trendline or a resurgence of buying pressure. Manage your risk carefully during these sharp swings. #DeFi #TradingSignals