technical analysis for $OAX /USDT based on current market conditions:
Current Price: $0.0674
24h High: $0.0892
24h Low: $0.0662
24h Change: -11.32%
Volume: 60.38M (OAX), 4.73M (USDT)
Depth: 3.6755%
Trade Signals:
Sell Signal (Continued Bearish Momentum):
Entry Point: Sell if the price breaks below $0.0662 (24h low).
Stop Loss: Place the stop loss around $0.0685, just above the previous resistance zone.
Take Profit (Targets):
Target 1: $0.0630 (next support level).
Target 2: $0.0600 (deeper support zone, where price may bounce).
Target 3: $0.0550 (extended target for a continuation of the bearish trend).
Buy Signal (Potential Reversal):
Entry Point: Buy if the price holds or reverses near $0.0662 (support level) or shows signs of bouncing back.
Stop Loss: Set stop loss below $0.0650 to limit risk.
Take Profit (Targets):
Target 1: $0.0720 (first resistance zone).
Target 2: $0.0780 (next resistance level).
Target 3: $0.0820 (higher resistance zone).
Momentum Overview:
Bearish Momentum: The overall market sentiment is bearish due to the sustained negative price movement and bearish technical indicators (MACD and RSI).
Reversal Potential: There is a potential for a short-term reversal if the price finds support at $0.0662, but the broader trend still suggests weakness in the market.
Recommendation:
1. For Short-Term Traders: If the price breaks below $0.0662, consider entering a short position with a target of $0.0630 and potentially $0.0600.
2. For Long-Term Traders: If the price shows signs of stabilization and reverses near $0.0662, consider entering a long position with targets set at $0.0720, $0.0780, and $0.0820.
Caution: Given the overall bearish trend, ensure that risk management is in place, and wait for confirmation signals before entering trades. Always monitor for potential trend reversals near support zones.