DIONEUSDT at weekly support, likely to bounce and head to 0.012

7月27日

The price has hit the weekly support WS1. It is likely that the price will bounce from here towards weekly resistance WR1. This has good run since beginning of the last year resulting into 50x gains. But since the start of the second quarter of 2024, it is correction mode. And now it has dropped significantly from the high it has made still being lots up from the price it was trading last year. Since it is on weekly support, a bounce is definitely expected, creating opportunit for a long. The target will be weekly resistance first and depending on the price action while it hits the WR1, one can adjust the trade targets. In case it loses Ws1 level, monthly support MS1 will come into the picture to save it from falling further down. But as mentioned earlier, the probability of a bounce towards WR1 is higher than a breakdown here.