Key structure: Support $2.85–$2.90; resistance $3.15 and $3.40.
Trade focus: Add near $2.85 (swing low); trim near $3.15 (supply).
Smart money: L/S ratio 0.17; shorts dominant below $3.58 entry.
Market Structure & Levels
Price trades at $2.98 within a tight range, testing the $2.85-$2.90 support base after a -5.9% daily drop.
Immediate resistance sits at $3.15, with stronger supply expected at the monthly breakdown level of $3.40.
4h structure remains bearish below key moving averages, requiring volume expansion above $3.15 to confirm any reversal.
Smart Money Flow
Extreme bearish positioning with L/S ratio at 0.1685; shorts control ~85% of open interest.
Whale shorts average entry at $3.58 are profitable, while longs remain underwater near $3.35-$3.37.
Heavy short dominance suggests continued downside pressure unless price breaks above $3.58 to trigger covering.
Trading Opportunities
Short-term: Watch for rejection at $3.15 resistance or breakdown below $2.85 support for directional entries.
Mid-term: Accumulation may emerge if price stabilizes above $2.85 with increasing buy maker volume.
Long-term: Sustained break above $3.40 is required to invalidate the broader monthly downtrend structure.
Trade focus: Add near $2.85 (swing low); trim near $3.15 (supply).
Smart money: L/S ratio 0.17; shorts dominant below $3.58 entry.
Market Structure & Levels
Price trades at $2.98 within a tight range, testing the $2.85-$2.90 support base after a -5.9% daily drop.
Immediate resistance sits at $3.15, with stronger supply expected at the monthly breakdown level of $3.40.
4h structure remains bearish below key moving averages, requiring volume expansion above $3.15 to confirm any reversal.
Smart Money Flow
Extreme bearish positioning with L/S ratio at 0.1685; shorts control ~85% of open interest.
Whale shorts average entry at $3.58 are profitable, while longs remain underwater near $3.35-$3.37.
Heavy short dominance suggests continued downside pressure unless price breaks above $3.58 to trigger covering.
Trading Opportunities
Short-term: Watch for rejection at $3.15 resistance or breakdown below $2.85 support for directional entries.
Mid-term: Accumulation may emerge if price stabilizes above $2.85 with increasing buy maker volume.
Long-term: Sustained break above $3.40 is required to invalidate the broader monthly downtrend structure.