🛑$ON dropped sharply by 3.2% in just 15 minutes, while trading volume increased 3.5 times!
Selling pressure is mounting, indicating that the downtrend may not be over yet.
📉 Technical outlook: BEARISH
The H1 trend structure remains clearly bearish, with the price breaking through several key support levels.
BTC is also in a downtrend, adding further pressure on ON.
A sharp increase in selling volume alongside declining OI indicates that money is flowing out of the market.
🎯 Key price levels:
Resistance:
0.1764: Nearest FVG.
0.1965 and 0.2082: Areas where selling pressure may return.
Support:
0.1564: Nearest support level.
If this level breaks, the next targets are 0.1362 and 0.0901.
📌 Trading strategy:
Prioritize SHORT positions when the price rebounds to 0.1764 or 0.1965, combined with signs of price rejection or confirmation of a bearish reversal on a lower timeframe.
Avoid chasing the price after a steep decline. Wait for a rebound and confirmation signals.
⚠️ Bearish scenario invalidation: If an H1 candle closes above 0.3136, the bearish structure should be reassessed.
This technical analysis is for informational purposes only and is not investment advice.
Selling pressure is mounting, indicating that the downtrend may not be over yet.
📉 Technical outlook: BEARISH
The H1 trend structure remains clearly bearish, with the price breaking through several key support levels.
BTC is also in a downtrend, adding further pressure on ON.
A sharp increase in selling volume alongside declining OI indicates that money is flowing out of the market.
🎯 Key price levels:
Resistance:
0.1764: Nearest FVG.
0.1965 and 0.2082: Areas where selling pressure may return.
Support:
0.1564: Nearest support level.
If this level breaks, the next targets are 0.1362 and 0.0901.
📌 Trading strategy:
Prioritize SHORT positions when the price rebounds to 0.1764 or 0.1965, combined with signs of price rejection or confirmation of a bearish reversal on a lower timeframe.
Avoid chasing the price after a steep decline. Wait for a rebound and confirmation signals.
⚠️ Bearish scenario invalidation: If an H1 candle closes above 0.3136, the bearish structure should be reassessed.
This technical analysis is for informational purposes only and is not investment advice.
