📊 SOXLUSDT | Is the price preparing for a new bearish wave or a bullish rebound?
🔴 Technical trend: bearish in the short term
SOXLUSDT is trading at 54.28 USDT, recording a decline of 6.66% over 24 hours, with selling pressure continuing after a previous upward wave that took the price to 69.79.
📉 Technical analysis:
Moving averages indicate a clear weakness in momentum:
- MA(7): 54.79
- MA(25): 55.78
- MA(99): 61.11
The price is trading below all three averages, which reinforces the negative outlook currently.
🎯 Support and resistance areas:
🟢 Support:
- 53.84
- 52.44
- 50.00
🔴 Resistance:
- 54.80
- 55.78
- 58.69
- 61.11
📉 Bearish scenario:
A break below 53.84 and holding under it could open the way for further decline toward 52.44 and then 50.00.
📈 Bullish scenario:
Reclaiming 54.80, then breaking 55.78 and holding above it, could give the price a chance to rebound toward 58.69.
⚠️ My view of the market:
Selling pressure is still in control, and there is no confirmed bullish reversal signal yet. It is best to wait for confirmation of a breakout or support break before making a trading decision$
$SOXL .$
#SOXL
🔴 Technical trend: bearish in the short term
SOXLUSDT is trading at 54.28 USDT, recording a decline of 6.66% over 24 hours, with selling pressure continuing after a previous upward wave that took the price to 69.79.
📉 Technical analysis:
Moving averages indicate a clear weakness in momentum:
- MA(7): 54.79
- MA(25): 55.78
- MA(99): 61.11
The price is trading below all three averages, which reinforces the negative outlook currently.
🎯 Support and resistance areas:
🟢 Support:
- 53.84
- 52.44
- 50.00
🔴 Resistance:
- 54.80
- 55.78
- 58.69
- 61.11
📉 Bearish scenario:
A break below 53.84 and holding under it could open the way for further decline toward 52.44 and then 50.00.
📈 Bullish scenario:
Reclaiming 54.80, then breaking 55.78 and holding above it, could give the price a chance to rebound toward 58.69.
⚠️ My view of the market:
Selling pressure is still in control, and there is no confirmed bullish reversal signal yet. It is best to wait for confirmation of a breakout or support break before making a trading decision$
$SOXL .$
#SOXL