Dear Family;
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Recently, I've been closely monitoring Space ID, a cryptocurrency that has garnered attention in the market. Initially bullish on its potential, I held an open position, but opted to close it, albeit begrudgingly, to avoid a funding fee. However, my optimism has been tempered by growing concerns about manipulation within the Space ID market.
Manipulation is a pervasive issue, with whales and market movers often dictating price action to their advantage, leaving retail traders vulnerable. My advice to newer traders echoes this sentiment: steer clear of cryptocurrencies susceptible to manipulation, as they can lead to significant losses.
As for Space ID's technical outlook, it has encountered a notable resistance level at $0.65, with psychological barriers proving influential thus far. However, the threat of a bearish breakout looms large, particularly if prices dip below $0.60 and open interest diminishes. While there's currently no concrete evidence of such a downturn, caution is warranted.
Despite my cautious stance, I lean towards a bullish scenario for Space ID, although I'm refraining from initiating a new position due to the looming specter of a crash. Instead, I'm eyeing a potential price target ranging between $0.71 and $0.75, should market conditions remain favorable.
In conclusion, while Space ID holds promise, its susceptibility to manipulation underscores the need for vigilance. Traders must exercise prudence and remain attuned to market dynamics to navigate the uncertainties effectively.
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