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A downward test usually paves the way for a new decline 📉
After a sharp collapse, the $SOLVUSDT pair is currently re-testing its broken support level as new resistance, indicating that bears are still in control of the market.
🔑 Key levels:
Resistance area: $0.04559 - $0.04579
Current price: $0.04378
Support area: $0.04293 - $0.04294
📊 Trading setup (Sell):
Entry price: $0.04400 - $0.04410 (upon rejection of the re-test)
Targets:
Profit target 1: $0.04370
Profit target 2: $0.04300
Profit target 3: $0.04293
Stop loss: $0.04411 (above the re-test area)
📉 Market outlook:
Momentum remains bearish after a strong breakout. If it rejects the re-test at $0.04400 - $0.04410, it will confirm the continuation of the trend towards lower support levels near $0.04300 and below. ⚠️ Risk management:
Always use tight stop-loss orders, and risk only 1-2% of your capital on each trade. Avoid chasing entry points if the price collapses without re-testing.
Buy and trade here at $SOLV
💬 Do you expect further declines in SOLV stock? Share your thoughts in the comments
#SOLV #CryptoTrading #BearishSetupb #MarketAnalysis #RiskManagement