Based on the $USUAL /USDT 30-minute chart provided, here is a professional analysis:
1. The price is currently trading around 1.0695, showing a significant drop of -7.82% in the last 24 hours. The chart indicates a strong downward trend with some consolidation near the 1.0500 - 1.0700 zone.
2. Support Level: The recent 24-hour low at 1.0303 acts as key support.
3. Resistance Level: The price faced rejection near the 1.2100 zone, which serves as strong resistance.
4. The current price action indicates a consolidation phase, suggesting that traders should wait for a breakout before entering a position.
Strategy:
Long Entry: If the price breaks above 1.1000 with volume, initiate a long position.
Target: 1.1500 and 1.2000.
Stop Loss: Place at 1.0600 to limit downside risk.
Short Entry: If the price drops below 1.0500, initiate a short position.
Target: 1.0300 and 1.0000.
Stop Loss: Place at 1.0800 to avoid false breakdowns.
Caution: Monitor market sentiment and volume closely. A lack of volume may lead to fakeouts, so ensure confirmation before entering a trade.