$EGLD (MultiversX) Set for a Bullish Rally Following Falling Wedge Breakout has decisively broken out of a falling wedge pattern on the weekly chart, signaling a strong bullish trend. This breakout indicates potential upside movement, especially if the price successfully holds above the retest zone. Here’s a comprehensive breakdown of key levels, buy zones, targets, and risk management to capitalize on this opportunity.
Key Insights and Levels
• Bullish Falling Wedge Breakout
• A falling wedge pattern is a powerful reversal signal, and its breakout often precedes explosive rallies.
• Retesting the breakout zone will solidify the bullish momentum, setting the stage for higher price targets.
• Retest Zone in Play
• $EGLD is currently retesting the breakout area at $30–$32.
• A strong hold above this zone confirms the bullish trend and offers an excellent entry opportunity.
Buy Zone
• Entry Range: $30.00–$33.00
• Gradually accumulate positions within this zone to minimize risk while capturing upside potential.
3. Target 3: 228.00 USDT (aggressive target, near 24h high resistance)
Momentum Analysis:
Trend: SOL/USDT is slightly bearish after a 2.46% drop, but support at 213.55 USDT is holding strong, with SAR signaling a potential bounce.
Volume Analysis: High trading volume of 1.21B USDT suggests active interest, which could support a price reversal if momentum shifts.
Short-Term Outlook: A break above 217.00 USDT will confirm upward momentum, while a drop below 213.50 USDT may lead to further decline.
Stop Loss:
Set a stop at 212.50 USDT to manage risk effectively.
Trade Summary:
This setup favors a buy near 215.50–216.00 USDT, with targets designed for both short-term and aggressive profit-taking. Monitor volume and price action closely, as a sustained move above 217.00 USDT will indicate stronger bullish momentum. Stay cautious of any sharp market fluctuations.
Ethereum Classic ($ETC ): $ETC is near $32.90, facing resistance at $38 and $43. A break above $38 could push it toward $40, while support lies at $30 and $26, acting as a safety net for price declines.