📉 #Moodeng DENG/USDT – Is a Double Bottom Reversal Taking Shape? 🚀
The daily chart for #MOODENG/USDT suggests the formation of a potential "double bottom pattern", a classic bullish reversal indicator. Buyers may be eyeing key resistance levels for confirmation.
💰 Current Price (CMP): $0.22528 (-5.54%)
Key Technical Highlights:
-Double Bottom Pattern:
- First bottom formed near $0.20 on Dec 18, 2024.
- Second bottom at a similar level, indicating a possible reversal.
- Neckline Resistance: $0.26 – A breakout above this level could confirm the pattern.
- Bullish Target: A breakout could propel the price toward $0.32, based on the pattern's height.
Indicator Insights:
1️⃣ RSI: Currently at "35", approaching oversold territory, signaling a potential bullish divergence.
2️⃣ Volume: Requires an uptick to confirm a breakout.
3️⃣ Trend Analysis:
Short-term: Bearish, but a neckline breakout could signal reversal.
Potential Scenarios:
Bullish Breakout: A move above $0.26 with strong volume could target $0.30–$0.32.
Bearish Rejection: Failure to breach the neckline may result in a retest of the **$0.20** support zone.
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Strategy Recommendations:
Long Entry: Enter above $0.26 with a stop-loss below $0.22.
Monitor Volume: Increased volume is essential for breakout confirmation.
⚡️ Could this mark the start of a trend reversal for MOO DENG? Share your thoughts in the comments! 👇