Based on the chart for $TRX /USDT on the 4-hour timeframe:🔥🔥🔥
1. Current Price Analysis: The price is trading at $0.2710, reflecting a 3.08% gain for the day. The 24-hour range is between $0.2491 and $0.2799, indicating high volatility.
2. Trend Assessment: The recent sharp upward movement followed by a correction suggests a volatile market with profit-booking at higher levels.
3. Support and Resistance: The key support is around $0.2490, the recent low, while the immediate resistance lies at $0.2799.
4. Long Entry Strategy: Consider entering a long position if the price sustains above $0.2720, signaling strength.
Target: $0.2790 (short-term) and $0.2900 (medium-term).
Stop Loss: $0.2660 to manage risk.
5. Short Entry Strategy: If the price fails to break $0.2720 and drops below $0.2650, consider a short position.
Target: $0.2580 (short-term) and $0.2490 (medium-term).
Stop Loss: $0.2730 to minimize losses.
6. Indicators Review: Monitor the RSI and volume; overbought signals could favor short entries, while strong buying volumes can support long trades.
7. Market Sentiment: The 30-day and 90-day gains suggest bullish momentum but remain cautious due to recent corrections.
Trade carefully, aligning with the current trend and volatility levels. Ensure proper risk management for both long and short positions.
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