The $KITE /USDT chart shows a downtrend, with the price declining from the 0.0910 high to the current price of 0.0825. The moving averages are in a bearish alignment, with the 7-period MA below the 25-period MA, and both below the 99-period MA, indicating continued downward pressure.
Entry Point:
A good entry for a short position could be around 0.0825 (current price), as it's still under the influence of the downtrend.
Stop Loss:
Set the stop loss around 0.0855, just above the recent resistance zone around 0.0860, to limit losses if the price starts reversing.
Take-Profit Levels:
First take-profit: 0.0812, near the recent low, where price action might find some support.
Second take-profit: 0.0800, a psychological level and potential support area.
Third take-profit: 0.0770, aligning with the deeper support zone from previous price action.
The chart is still in a downtrend, so it's important to watch for any reversal signs. If the price breaks above the 0.0855 level, it could signal a shift in momentum.
KITE
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