1. Support and Resistance Levels on the Chart
• Support Levels:
• First strong support level: 0.006913 USDT
• Lower support zone: 0.006786 USDT
• Resistance Levels:
• First resistance level: 0.009221 USDT
• Main resistance zone: 0.012266 USDT
• Major target: 0.014461 - 0.014494 USDT
2. Formations and Formation Reversals
There is a striking symmetrical triangle formation on the chart. This formation generally determines the price movement according to the direction of the breakout:
• In the upward break: 0.012266 and then 0.014494 levels can be targeted.
• In the downward break: 0.006913 support level can be tested.
3. Indicators
• Moving Averages (MA): Moving averages on the chart reinforce support and resistance zones. This can be a positive signal, especially if the short-term moving average is pushing the price up.
• RSI and Momentum: (Not visible on the chart, but should be monitored) Make sure it is not in overbought or oversold territory.
• Bollinger Bands: Price compression indicates that a breakout is imminent.
4. Trend Direction
• In the medium term, the price is seen to be horizontal and in a consolidation phase. However, after the break of this consolidation, the direction of the trend will become clear.
• If the breakout is upward, the price may move quickly towards the resistance levels.
5. Target and Prices
• Short term target: 0.009221 USDT
• Medium term target: 0.012266 USDT
• Long term target: 0.014494 USDT
6. Strategy
1. Entry Point:
• If the price breaks out of the triangle upwards, entry can be made up to the first resistance level of 0.009221.
2. Stop-Loss:
• Stop-loss should be placed below the level of 0.007989.
3. Objectives:
• First target: 0.012266 USDT
• Second target: 0.014461 USDT
4. Downside Risk:
• If the price breaks downwards, wait until the 0.006913 support level and do not trade.
General Comment
AMP coin is showing a tight structure in the short term. The direction of the current triangle formation breakout will determine the price movement. In an upward breakout, the price may rise strongly, but using stop-loss is important for risk management. In particular, market volume growth and fundamental news should also be followed closely.