REI is going down?! REI/USDT is showing clear signs of bearish momentum after a failed breakout above the key resistance zone. Here’s why I’m leaning bearish:
Failed Breakout at Resistance: The price briefly spiked above the resistance zone (0.02093–0.02244) but couldn’t hold, peaking at 0.02300 before a sharp rejection. This failure to sustain the breakout suggests strong selling pressure at higher levels, likely from profit-taking or institutional sell-offs.
Bearish Confirmation: A break below 0.02089 would confirm the bearish bias, potentially driving the price toward 0.01962 or lower (0.01791). The recent high-volume rejection at 0.02300 supports the idea of a bearish reversal.
Trade Idea:
Consider shorting below 0.02089 (on confirmation of the break).
Target: First target at 0.01962, with a deeper target at 0.01794
Stop Loss: Place above 0.02244.
