The 1-hour timeframe chart of GIGGLE/USDT that you shared clearly shows that the market has now exited volatility and entered a weak and bearish phase. Multiple times the price attempted to recover, but each time the sellers took control. At this moment, buyer confidence seems to be quite low.
Let's understand this analysis in detail.
๐ Current Market Situation
According to the chart at this time:
Price: approx 62.98 USDT
24h Change: around -7.4%
24h High: near 71.00
24h Low: approx 62.40
Trading near the daily low indicates that bearish sentiment is strong and buyers are unable to defend higher levels.
๐ Price Structure: Lower Highs and Weak Momentum
If we look at the previous structure:
The price bounced from mid-60s to 75+
Then another recovery attempt near 72
There was strong rejection at every rally
This structure clearly shows:
Lower highs
Weak continuation of bullish candles
Breakdown of important support zones
This is often a distribution phase where big players are gradually exiting.
๐ Volume Analysis: Increased Pressure from Sellers
The volume also confirms the bearish picture:
High volume with red candles
Selling spikes at the time of breakdown
Green candles with relatively low volume
This means that buyers are only reacting, while sellers are fully active.
๐งฑ Important Support and Resistance Levels
๐ฝ Support Zones
Immediate support: 62.0 โ 61.5
Strong support below: 58.0 โ 60.0
If the level of 62 breaks, the price can quickly move towards the high-50s.
๐ผ Resistance Zones
Near resistance: 66.0 โ 68.0
Major resistance: 72.0 โ 75.0
Until the price reclaims these levels with strong volume, the upside will be difficult.
๐ฎ Possible Upcoming Scenarios
๐ป Bearish Continuation (Higher Chances)
Weak consolidation at current levels
Breakdown below 62
Target 60 or even lower
๐ Short-Term Relief Bounce
A bounce may occur due to the oversold market
Target 66 โ 68
But if the volume is weak, this bounce will be temporary
๐ Trend Reversal (Difficult without confirmation)
For a strong bullish reversal:
Reclaiming price above 70+
Formation of higher lows
Consistent bullish volume
Until these signs are observed, bullish expectations are risky.
๐ง Market Psychology
GIGGLE seems to have moved from a speculative hype phase to a correction phase. At this stage:
Late buyers panic sell
Volatility increases
Fake bounces can trap traders
That's why patience and confirmation are very important.
๐ Final Words
GIGGLE/USDT is currently trading in a high-risk bearish zone. A short-term bounce is possible, but the overall structure is still in favor of sellers. Proper risk management and wait-for-confirmation strategy will be best in this market.
๐ Learn to save capital in the crypto market first, profit comes on its own.
