DEXE/USDT Technical Analysis: Bullish Momentum and Entry Strategy
Trading Strategy: "Trend Following on Pullback"
Since the price is near the recent 24h high ($7.513$) and the RSI is overbought, entering exactly at the current price ($7.405$) carries higher risk. The best strategy is to wait for a slight retracement to a support level.
1. Entry Zone
Primary Entry: Around $7.23 - $7.25 (Aligns with the MA(7) support and previous local resistance turned support).
Secondary Entry (DCA): If the price dips further, look at $6.90 (Near the MA(25)).
2. Take Profit (TP) Targets
TP 1: $7.51 (Previous 24h high/Immediate resistance).
TP 2: $7.85 (Psychological resistance level).
TP 3: $8.20 (Extended target if volume stays high).
3. Stop Loss (SL)
SL: $6.75 (Placed below the MA(25) and the recent swing low to protect capital).
Trend: The price is in a clear uptrend, characterized by higher highs and higher lows. It is currently trading above the MA(7), MA(25), and MA(99), suggesting strong bullish momentum.
RSI(6): Currently at 81.18, which is in the overbought territory. While momentum is strong, a short-term cooling off or consolidation is likely before the next leg up.
MACD: The MACD line is above the signal line with positive histogram bars, confirming the bullish trend is still intact.