$CHESS /USDT Technical Analysis Report

Current Price: $0.1636

24H Change: +13.06%

24H High: $0.1883

24H Low: $0.1437

24H Volume (USDT): 205.52M

24H Volume (CHESS): 33.86M

Technical Overview:

The recent movement in $CHESS /USDT has shown significant volatility with a 13.06% increase over the past 24 hours. However, the price is currently retracing from a high of $0.1883 and is now at $0.1636, down -2.85% in the latest 15-minute candle. This presents both long and short trade opportunities as the price consolidates near key support levels.

Key Levels to Watch:

Immediate Resistance: $0.1750

Major Resistance: $0.1880 - $0.1900 (recent 24H high)

Immediate Support: $0.1600

Key Support Levels: $0.1500 and $0.1437 (24H low)

Short-Term Trade Setup (15-Min to 1-Hour Chart)

1. Long Entry Strategy:

Entry Range: $0.1600 - $0.1630

Stop Loss: $0.1500 (below key support)

Take Profit 1: $0.1750 (immediate resistance)

Take Profit 2: $0.1880 (24H high)

Rationale: The price is consolidating near the $0.1600 support level. If this level holds, a bounce is expected, with the next target around $0.1750 and possibly a retest of the $0.1880 high. Entering at $0.1600 provides a favorable risk-reward ratio. The rising price trend over the last 24 hours indicates that the bulls are still in control, and the current dip may offer a good buying opportunity.

2. Short Entry Strategy:

Entry Range: $0.1750 - $0.1880 (if resistance holds)

Stop Loss: $0.1900 (above major resistance)

Take Profit 1: $0.1630 (current price level)

Take Profit 2: $0.1500 (strong support zone)

Rationale: If $CHESS /USDT tests the $0.1750 - $0.1880 resistance and fails to break through, a short position can be taken, targeting a pullback to $0.1630 or lower to $0.1500. The failure to sustain bullish momentum at these levels could lead to profit-taking and increased selling pressure.#UptoberBTC70K? #APTSurpassesSUI #CMEBTCFuturesRecordHigh #XRPDonationsUSElections #Write2Earn!