📉 #Moodeng DENG/USDT – Double Bottom Formation in Play? 🚀

The daily chart for #MOODENG/USDT indicates a potential double bottom pattern, a bullish reversal signal. Buyers might be looking for confirmation at key resistance levels.

💰 CMP: $0.22528 (-5.54%)

📊 Key Technical Highlights:

•Double Bottom Formation:

•First bottom formed near $0.20 on Dec 18, 2024.

•Second bottom at a similar level, showing a bullish reversal attempt.

•Neckline Resistance: $0.26 – A breakout above this level could confirm the pattern.

•Bullish Target: A breakout from the neckline may lead to a price target near $0.32, derived from the pattern height.

🛠 Indicator Insights:

1️⃣ RSI: Healthy at 35, but approaching oversold; potential for bullish divergence.

2️⃣ Volume: Needs to increase for confirmation of the breakout.

3️⃣ Timeframe Trends:

•Short-term bearish, but reversal possible upon neckline breakout.

🔮 Possible Scenarios:

•Bullish Breakout: Above $0.26 with volume, targeting $0.30–$0.32.

•Bearish Rejection: Failure to break the neckline could retest support at $0.20.

🚨 Strategy Recommendations:

•Long Opportunity: Above $0.26 with a stop-loss below $0.22.

•Watch Volume: To confirm the double bottom breakout.

⚡️ Is this the start of a reversal for MOO DENG? Share your views below! 👇