$JELLYJELLY is consolidating near a key support zone after a strong selloff, where price is beginning to stabilize and buyers may step in.

Long #JELLYJELLY

Entry: 0.0690 – 0.0700

SL: 0.0660

TP1: 0.0740

TP2: 0.0780

TP3: 0.0820

Why this setup?

$JELLYJELLY experienced a sharp decline and is now trading around a previous demand area near 0.069–0.070 on the higher timeframe. After strong selloffs, markets often slow down as selling pressure weakens and short-term buyers look for a relief bounce.

On the 4H timeframe, price is compressing near this support zone with smaller candles forming after the sharp drop. This type of consolidation often precedes a short-term bounce toward nearby resistance levels.

If buyers defend this support, a move toward 0.074 and potentially 0.078 could follow as price retraces part of the recent decline.

The key invalidation level is 0.066. A breakdown below this level would suggest sellers remain in full control and the bounce scenario would fail.

Debate:

Is #JELLYJELLY preparing for a relief bounce from support or will the downtrend continue?

Trade $JELLYJELLY here 👇