🚀TURBO/USDT Technical Analysis: Support, Resistance, and Trade Strategy (14th October 2024) 🚀

🔍 Chart Breakdown:

The TURBO/USDT pair is currently trading at $0.0087 with minor movement (+0.07%). Let’s dive into the technicals and build a strategic trade plan!

Support and Resistance Levels:

• Immediate Support: $0.008578

This level was tested multiple times, suggesting a strong buyer zone. If price revisits this area, it can act as a potential re-entry point for a long trade.

• Resistance Zone: $0.009150

This level capped recent upward movements, indicating strong selling pressure. If broken convincingly, it could signal the start of a bullish run.

• 24H High: $0.009206

Close to the previous resistance. Breaking above this confirms further upside momentum.

• 24H Low: $0.008510

If the price breaks below this, it could trigger bearish sentiment.

Moving Averages (MA):

• MA(7): $0.008725

• MA(25): $0.008761

• MA(99): $0.008819

The short-term MA(7) is below the long-term MA(99), which suggests a bearish bias for now. However, a potential crossover could indicate a trend reversal in the short term.

Trade Strategy:

🎯 Long Trade Setup:

• Entry: $0.008580 - $0.008600 (Support area)

• Take Profit: $0.009150 (Resistance level)

• Stop Loss: Below $0.008500

Rationale: If the price holds the $0.008578 support zone, it offers a low-risk entry with room for upside to $0.009150. Buyers may look for confirmation signals like a green candlestick above MA(7).

⚠️ Short Trade Setup:

• Entry: $0.009150 (Resistance area)

• Take Profit: $0.008600

• Stop Loss: Above $0.009250

Rationale: If the price struggles to break the $0.009150 resistance, a short trade targeting the lower support zone can be considered. A stop-loss above $0.009250 limits risk in case of a breakout.

Market Sentiment & Volume:

The volume bar shows strong buying activity earlier, but momentum seems to be cooling off. Traders should watch for volume spikes—a breakout with volume above the average suggests a strong trend shift.