RARE / USDT 1 Day Chart Analysis
1. General Charts and Formations
The chart shows that the RARE price is trapped inside a symmetrical triangle formation. This formation usually signals a phase of indecision followed by a strong price move. The price has the potential to break both up and down, but should be watched closely as the formation is close to completion.
2. Support and Resistance Levels
• Support Levels:
• 0.1232 USD: The immediate support level. This level can help the price recover and start the upward movement.
• 0.0933 USD: A strong major support area. A drop below this level could trigger a possible downtrend.
• Resistance Levels:
• 0.1624 USD: First major resistance level. Breaking this level could lead to increased upward momentum.
• 0.2181 USD: Secondary resistance level and a stronger target area.
• 0.2941 USD: Long-term target and strong resistance area.
3. Target and Price Potential
• Short Term Target: 0.1624 USD
• Medium Term Target: 0.2181 USD
• Long Term Target: 0.2941 USD
• In case of an upward break, these targets are likely to be tested gradually.
4. Trend Direction
• Short Term Trend: Sideways and in consolidation phase.
• Medium and Long Term Trend: If the triangle formation breaks upwards, it has the potential to return to an uptrend.
5. Indicators
• Moving Averages (MA): The price appears to be consolidating around the moving averages, indicating that a strong breakout may be imminent.
• Volume: Low volume indicates that the formation is waiting for completion and a breakout. An increase in volume can be expected with the breakout.
6. Formation and Formation Reversals
• Symmetrical Triangle Formation: This formation usually continues the movement in the direction of the breakout. An upward breakout indicates that buyers are superior, while a downward breakout may increase selling pressure.
7. Strategy and Recommendations
1. Buy Strategy: If the price stays above the 0.1232 USD level, a volume-supported upward breakout could offer a buying opportunity.
2. Wait for the Breakout: The symmetrical triangle formation is about to be completed, so the direction of the breakout will be decisive. It may be safer to trade after the breakout.
3. Stop-Loss and Risk Management: The stop-loss level can be positioned below the 0.0933 USD support. This is important to minimize risk.
4. Take Profit: The first take profit level can be determined as 0.1624 USD. The second take profit target can be positioned around 0.2181 USD.
8. Conclusion and Comment
The RARE/USDT chart is in a significant indecision phase. The symmetrical triangle formation may be a sign of a strong breakout. Investors should determine their strategies accordingly by waiting for the formation to be completed and the direction of the breakout. In case of an uptrend, upward targets should be followed carefully. However, in every scenario, care should be taken to manage risk and use stop-loss.
