đ JOE/USDT Technical Analysis: Resistance Rejection at 0.0390
The 15-minute chart for JOE/USDT is showing signs of a potential short-term reversal after a steady climb. The price recently tested a key resistance zone but failed to sustain a breakout, leaving behind a "wick" that suggests selling pressure is stepping in.
đ Market Observations:
Resistance Zone: The price is struggling to flip the $0.0390 level into support. This area has acted as a ceiling in the current session.
Price Action: We are seeing a "Fakeout" above the resistance, followed by a bearish engulfing candle on the 15m timeframe.
Targeting Liquidity: The upward move looks overextended without a proper correction, making the previous consolidation zones (around 0.0356) a logical magnet for price.
⥠Trade Setup (Short/Sell)
Entry Price: $0.0386 - $0.0388
Stop Loss (SL): $0.0398 (Above the recent high to protect against volatility)
Take Profit (TP): $0.0356 (Key support level/liquidity pool)
Risk/Reward Ratio: Approximately 1:2.5
đĄ Trader's Note:
Wait for a confirmed candle close below the immediate support line before jumping in. While the overall trend has been bullish today, the local structure is weakening. Always manage your risk and avoid using high leverage on low-cap assets like JOE.
What do you think? Will JOE hold this level or dip back to $0.035? Let me know in the comments! đ
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