Support
Support refers to a level in the cryptocurrency market that, if the price of an asset falls below a certain level, can prevent the price from falling further.
This level is often identified in technical analysis and is considered an important buy zone by investors. Support refers to a point in the cryptocurrency market that can prevent further decline when the price falls below a certain level in a downward trend. In technical analysis, support levels are defined as places on the price chart where the price has previously risen and retreated. These points are usually areas where investors buy because as the price approaches this level, demand increases and may cause the price to rise. Support levels represent obstacles that the price could potentially face while in a downtrend, thus making it difficult for the price to decline further. However, support levels do not always guaranteed push the price up, and the price may fall below or break the support level. Therefore, investors prefer to use it in conjunction with other analysis tools and risk management strategies when tracking support levels.
