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ACT/USDT - A Bullish Breakout in the Making? 📈
Looking at the ACT/USDT 1D chart, we’re witnessing some strong price action that traders should keep a close eye on. After a significant downtrend marked by the descending trendline, the price has entered a Demand Zone and is now showing signs of a reversal.
Key Observations:
1. Demand Zone Rebound:
Price found support in the Demand Zone (around $0.3850), indicating strong buying interest in this region. This zone has acted as a springboard for buyers, pushing the price back up.
2. Descending Trendline Breakout:
The current price action shows an attempt to break above the descending trendline. This breakout (highlighted by the orange circle) is a significant signal that the bearish trend may be weakening, with bullish momentum starting to build.
3. Volume Confirmation:
Recent price movement has been accompanied by increasing volume, signaling that buyers are stepping in. A breakout with strong volume confirmation could increase the chances of a sustained move upward.
4. Key Levels to Watch:
Immediate Resistance: $0.6132 (current price area) – a decisive close above this level could trigger further gains.
Major Resistance: $0.9534 – this level will be the next target for buyers if the breakout holds.
Support Zone: $0.3850 – this remains a critical demand area where buyers have previously stepped in.
What’s Next?
If ACT/USDT closes above the trendline with strong volume, it could signal the start of a bullish phase. Traders and investors should monitor:
Volume Trends to confirm breakout strength.
Price Retests of the broken trendline to check for support.
Trading Outlook:
Bullish Scenario: A successful breakout with volume could see ACT/USDT push towards the $0.95 zone.
Bearish Scenario: Failure to hold above the trendline may result in price revisiting the demand zone around $0.3850.
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📊 Current Price: $0.6132 (+8.02%)
🔎 High/Resistance: $0.9534
🛑 Support: $0.3850
Keep an eye on this setup as ACT/USDT looks primed for a move. Remember, breakouts need confirmation, so trade carefully and always manage risk.
Disclaimer: This is for educational purposes only and not financial advice. Always do your own research (DYOR).
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