$CLO Short-term bearish signal is clear: 46% drop still has downward space?📉
From the 4-hour candlestick chart, its recent trend has shown a clear bearish trend:
1. Trend breakdown and increasing volume drop
The price quickly retreated from the high of 0.84888, with continuous large bearish candlesticks formed at the 4-hour level, accompanied by a significant increase in trading volume (the current 4-hour trading volume far exceeds MA5/MA10 moving averages), indicating strong willingness to exit the market, and the short-term trend has shifted from bullish to bearish.
2. Technical indicators and support failure
The latest price of 0.39924 has dropped by 46.06% compared to the 24-hour high and has broken below the previous short-term support level of 0.38620, with a lack of effective support from a technical perspective. The MACD indicator has formed a death cross at a high level and continues to diverge downward, with bearish momentum yet to diminish.
3. Sentiment and liquidity risk
The 24-hour trading volume reached 713 million USDT, but the price did not stop falling, instead showing characteristics of "increasing volume and gradual decline," reflecting the spread of panic sentiment in the market. Considering the high volatility of the cryptocurrency market, there may be further downward movement in the 0.30-0.35 range in the short term.
When shorting, be sure to set stop-loss orders, and the take-profit team is waiting for my notification!
In the past, I wandered alone in the dark of the crypto world, but now I hold the "light" of practical experience in my hands.
This light has been shining; will you follow or not? @小南带单日记
Continue to pay attention: BEL BNB ZEC COAI 2Z AIA DOOD
