How many brothers were so careless last night that they dropped the knife at the sight of
$TOWNS plunging and down more than 16%? With the electronic board looking this red, some people are trembling with fear because they’re chasing the top, others are excitedly waiting to catch the bottom, and as for me, I just see this as a game that needs a cool head.
Right now, when looking at the technical data, things are quite tense for the side holding positions:
- On the 15-minute chart: The price is hovering around 0.0020$, below both the MA(20) and the EMA(9), which are both at 0.0021$. This shows that the sellers are still controlling the game in the short term.
- On the 1-hour chart: Similarly, MA(20) is capping at 0.0022$ and EMA(9) at 0.0021$. These moving average lines have become a hard resistance wall that
$TOWNS needs to break through if it wants a recovery move.
Personally, I think with the current selling pressure, expecting an immediate, vertical PUMP is a bit far-fetched. The market needs to consolidate after such a deep drop. I won’t rush to catch the falling knife until I clearly see a pullback signal.
Below is the personal setup I’m watching:
- Position: Exploratory LONG (only place the order when a confirmation candle appears).
- Entry: Watch the 0.00185$ - 0.00190$ zone. This is an important psychological support area if the price has the next liquidity sweep.
- TP (Take profit): 0.00215$ and 0.0023$.
- SL (Stop loss): 0.00175$ (If this level breaks, the bearish structure will be very bad, and I’ll stay out of the trade).
Reminder to everyone: Don’t go all-in just because the price looks cheap. In this market, surviving is the most important thing.
With the current downward momentum, does
$TOWNS have enough strength to hold the 0.0018$ level, or will it continue searching for the old bottom? What does everyone in the group think about the next direction for it?
#Crypto #Trading #Analysis
Note: This is my personal perspective, not investment advice. Trading always involves risk (DYOR).