The pair $STRAX
has shown an increase of 17.96% in the last 24 hours, currently trading at $0.07599. The token reached a 24-hour high of $0.08567, reflecting strong bullish activity before entering a consolidation phase.
Technical Description
Resistance Levels:
The key resistance level to watch is $0.08000, which has proven to be a psychological and technical barrier. A breakout above this level could push the price towards the next target at $0.08500 and potentially $0.09000.
Support Levels:
Support is currently at $0.07300, which aligns with the recent consolidation zone. A deeper correction could see support tested at $0.07000, a critical level to maintain the bullish trend.
Momentum and Volume:
The upward price movement is supported by an increase in trading volume, indicating strong interest from buyers. However, the slight retracement suggests that the price may consolidate further before attempting another upward move.
Strategic Recommendations
Short-Term Traders: Consider taking partial profits near $0.08000 and $0.08500, with stop-loss levels set below $0.07300 to manage downside risks.
Long-Term Investors: Current levels provide an opportunity to accumulate on corrections, especially if the price retraces towards $0.07300 or $0.07000. Long-term targets could reach $0.09000 and beyond.
Conclusion
$STRAX remains in a bullish setup with strong upside potential if key resistance levels are broken. As always, maintaining a disciplined risk management approach is critical in volatile conditions.