1. Target and Prices
• Current Price: It is at 0.36783.
• Target Price: Considering the trend and upward formation in the chart, the first target area seems to be 1.00 USD.
• Second Target: The 1.50 USD level can be considered as a more aggressive target.
2. Support and Resistance
• Support Levels:
• 0.30 USD: The area where the price had previously bounced higher remains strong as the main support.
• 0.20 USD: Can be considered as a lower support level.
• Resistance Levels:
• 0.40 USD: The nearest short-term resistance level. If this level is broken, the price can be expected to rise rapidly.
• 1.00 USD: Psychological resistance level.
3. Indicators
• Trend Line: The price is moving on an upward trend line.
• RSI (Relative Strength Index): The RSI may be close to the overbought territory. However, this also indicates strong momentum.
• Volume: If there is an increase in volume, the upward movement of the price can be supported.
4. Formations and Formation Reversals
• There is an Ascending Triangle Formation on the chart. This formation usually results in upward breaks.
• An upward breakout may push the price higher in line with the formation target.
5. Trend Direction
• The general trend is positive and upward.
• The price may gain further momentum as it breaks the above resistance areas.
6. Strategy
• Buying Strategy: Buying can be done when a close above the 0.40 USD level occurs.
• Stop Loss: The position can be closed in case of a drop below the 0.30 USD level.
• Take Profit: 1.00 USD can be used as the initial target and 1.50 USD can be used as the longer term target.
7. Conclusion and Comment
The chart shows upward momentum and the probability of the price rising in line with the formation targets is quite high. However, support levels need to be monitored carefully depending on market conditions. Determining a stop-loss level will be important in terms of risk management.