$ALPHA analysis for the next 12 hours:
Indicators Observed:
1. Moving Average (MA): The price trend is upward but approaching a potential correction zone.
2. MACD: The histogram shows weakening positive momentum (shrinking green bars). Watch out for potential trend reversal.
3. RSI (Relative Strength Index): It is in the overbought zone (above 70), indicating increased selling pressure.
4. Stochastic RSI: Approaching the peak and showing overbought signals.
5. Volume: Volume appears to be decreasing, indicating potential trend weakening.
---
Entry and Stop Loss (SL) Strategy:
Buy Entry:
Entry Zone: Around the support area, observed between $0.115 - $0.118 (based on MA or previous candle support).
Entry Confirmation: Wait for a bullish divergence signal on RSI or MACD to confirm a price bounce.
Stop Loss (SL):
Place the SL slightly below the nearest support area, around $0.112.
Take Profit (TP) Targets:
TP1: $0.124 (nearest resistance area).
TP2: $0.128 (stronger resistance level).
---
Additional Recommendations:
1. If Breakout Occurs: If the price breaks above $0.124 with strong volume, consider a re-entry buy with a new SL at $0.120.
2. Beware of False Breakouts: Avoid buy entries on breakouts without strong volume support.