$ESP USDT Price Action Update | Volatility After Rejection
ESPUSDT is currently trading around 0.0897 on Binance after facing a sharp rejection from the 0.1000 area. The chart shows high volatility with a long wick to the upside, indicating strong selling pressure near the recent high.
Technical Analysis
Resistance: 0.0950 to 0.1000
This zone acted as a strong supply area. The long upper wick clearly shows sellers defending this level aggressively.
Support: 0.0850 first, then 0.0800
Price is hovering above short-term support. A breakdown below 0.0850 could invite further downside toward 0.0800.
Indicators Insight
RSI: Likely cooled down from overbought levels after the spike, suggesting momentum is resetting rather than continuing strongly bullish.
MACD: Momentum appears to be weakening after the impulsive move, hinting at consolidation or a short-term correction.
Moving Averages: Price is still volatile and struggling to hold above key short-term averages, which keeps the trend uncertain.
Market Sentiment
Overall sentiment is Neutral to Slightly Bearish in the short term. Buyers showed strength earlier, but rejection at resistance suggests profit-taking and caution.
Strategy
For now, the smart move is Wait. Aggressive traders may look for a bounce confirmation near the 0.0850 support with tight risk management. Conservative traders should wait for a clear reclaim above 0.0950 before considering long positions, or a confirmed breakdown below support for short setups.
What do you think, will ESPUSDT hold this support or revisit lower levels before the next move?
Disclaimer: Not Financial Advice. Always do your own research and manage risk properly.
$ESP
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