$KNC / USDT โ€“ Minor Dip After Testing Highs โ€“ Consolidation or Further Correction? ๐Ÿค”

$KNC / USDT is currently trading at $0.3570, down by -2.83% today. Looking at the 4-hour chart, we can see a recent push towards the $0.37 level, followed by a slight pullback. The price seems to be consolidating around the $0.355 - $0.360 range.

๐Ÿง Potential Trading Scenarios:

* Support Level: The $0.355 area appears to be acting as immediate support. Watch if this level holds.

* Resistance Level: The $0.365 - $0.37 zone remains a key resistance level to overcome for further upward movement.

* Consolidation Phase: The current price action suggests a period of consolidation after the recent volatility.

๐Ÿ“ˆ Potential Long Entry (If Support Holds): Consider entering around the $0.355 - $0.357 level with a stop loss placed below $0.350, targeting a move back towards $0.365 or higher.

๐Ÿ“‰ Potential Short Entry (If Resistance Holds): If the price rejects the $0.365 level, a short entry targeting the $0.355 support could be considered. A break below $0.350 might lead to further downside.

โš ๏ธ Outlook:

$KNC / USDT is currently in a consolidation phase after testing recent highs. The direction of the next move will likely depend on whether it can break through the resistance or if the support level gives way. Monitor volume and price action closely for a clearer signal. Always practice responsible risk management.

KNCUSDT ยท Binance

0.3570 -0.0011 (-0.31%) (based on the last 4 hours)

#KNCUSDT #SupportAndResistance #Consolidation #TechnicalAnalysis #DeFi