$API3 / USDT – Sharp Decline – Looking for a Bottom? 📉

$API3 / USDT is currently trading at $0.738, down significantly by -6.58% today. The 4-hour chart shows a sharp downward move, breaking below recent support levels.

🧐 Potential Scenarios to Consider:

* Support Level: The price is currently near the 24-hour low of $0.730. This level might provide some immediate support.

* Bearish Momentum: The strong downward move indicates significant selling pressure.

* Oversold Potential: While the price has dropped sharply, it's crucial to look for actual reversal signals rather than assuming it's oversold.

📈 Potential Long Reversal (High Risk - Look for strong confirmation): Attempting to catch the bottom after such a sharp decline is risky. Look for significant bullish divergence on indicators, a substantial increase in volume, and strong bullish candlestick patterns on higher timeframes before considering a long position. Place a tight stop loss below any potential reversal signal.

📉 Short Continuation (More Probable in the Current Trend): If the $0.730 support level fails to hold, further downside towards $0.70 or lower could be possible. Consider potential short entries on any weak bounces, with a stop loss above the bounce high.

⚠️ Outlook:

API3/USDT is currently in a strong downtrend with significant bearish momentum. Exercise caution and prioritize risk management. Wait for clear signs of a potential reversal before considering long positions. Shorting opportunities might arise if the downtrend continues.

API3USDT · Binance

0.738 -0.010 (-1.34%) (based on the last 4 hours)

#API3USDT #CryptoTrading #BearishTrend #SupportWatch #Infrastructure