Hello everyone! Let's dive into the analysis of this chart, which represents the $LSK
Observed Pattern:
The price has broken above the descending trendline, indicating a potential shift from the downtrend to an uptrend.This breakout suggests a possible continuation of the upward movement.
Support and Resistance Zones:
Support Zone: Around 0.92-0.96 USDT, previously acting as resistance, now turned into support.
Resistance Zone: The next major resistance can be anticipated around the 2.10 USDT level, where the price might face some selling pressure.
Entry Points and Take Profits:
🚀Entry: A good entry point would be at the current price level, around 1.04 USDT, or on a pullback to the support zone between 0.92-0.96 USDT, which can provide a better risk-to-reward ratio.
🤬Stop-Loss:
Stop-Loss: Set a stop-loss below the support zone at around 0.86 USDT to manage risk in case the breakout fails.
Take Profits:
First Target (TP1): Around 1.50 USDT, where the price may encounter some resistance.
Second Target (TP2): Around 2.10 USDT, the next significant resistance level based on the historical price action.
I wish you success in your trades and a profitable trading journey!🚀
