$ON Strong prior upward move extended, followed by a sharp correction in the last few days. The price is below MA7 and MA25 but still well above MA99. RSI is neutral and leaning toward weakness.
Trend: A correction within a larger uptrend (the broader trend remains bullish as long as price is above MA99: 0.31813). However, a recent break of MA7/MA25 reflects short-term momentum weakness, with a sharp drop of -9.71% over 24 hours.
Proposed leverage: 2x–3x (low to medium, due to the severity of the recent correction and instability in the short-term trend).
Entry watch zone: $0.3450–$0.3550 (near the convergence of the short-term moving averages, to confirm stability before entering).
Potential target 1: $0.38178 (MA25)
Potential target 2: $0.40132
Potential target 3: $0.46000 (previous peak)
Scenario invalidation level (possible stop): $0.32539
👇🏻 Execute according to your plan and manage your own risk
Trend: A correction within a larger uptrend (the broader trend remains bullish as long as price is above MA99: 0.31813). However, a recent break of MA7/MA25 reflects short-term momentum weakness, with a sharp drop of -9.71% over 24 hours.
Proposed leverage: 2x–3x (low to medium, due to the severity of the recent correction and instability in the short-term trend).
Entry watch zone: $0.3450–$0.3550 (near the convergence of the short-term moving averages, to confirm stability before entering).
Potential target 1: $0.38178 (MA25)
Potential target 2: $0.40132
Potential target 3: $0.46000 (previous peak)
Scenario invalidation level (possible stop): $0.32539
👇🏻 Execute according to your plan and manage your own risk