$FOGO (FOGOUSDT Perpetual) is currently under strong selling pressure, trading near $0.02372, down over 15% in the last 24 hours. Market structure remains decisively bearish, suggesting further downside risk.
š Technical Overview
FOGO is locked in a clear downtrend, with price failing to reclaim previous support levels. The zone between $0.02739 ā $0.03006, once support, has now flipped into strong resistance. Recent rejection near $0.02850 confirms sellers are still in control.
Volume also supports the bearish case, with approximately $5.95M USDT traded during the drop ā indicating real distribution rather than a weak pullback.
š Trade Setup (Short Bias)
Entry Zone: $0.02473 ā $0.02739
Stop Loss: $0.03006 (above recent structure high)
Take Profit Targets:
šÆ TP1: $0.02267
šÆ TP2: $0.02206
šÆ TP3: $0.02000 (psychological level)
ā Risk Note
Although momentum favors shorts, stochastic indicators suggest the market is becoming oversold. This makes the setup high-risk. Traders should use smaller position sizes, wait for pullbacks into resistance, and confirm bearish structure before entering.
š Summary
FOGO remains bearish below the $0.027ā$0.030 resistance zone. As long as price stays under this area, continuation toward $0.022 and $0.020 is likely.
Trade smart. Protect capital. Volatility rewards discipline.