đ„đ„ Trade Analysis 43: $RARE - to Buy or Not to Buy?
RARE is undoubtedly the hottest coin right now, having risen 380% in just 3 days since its initial launch on 15th Aug. I know many traders are FOMOing on $RARE right now and eager to enter; but please hold on, and read my analysis first.
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As seen in the 2H charts below, you can see price is having a Higher 2nd Top with Lower RSI on 18th Aug 1600. This is a sign of Bearish reversal and price dropped 31% right afterward.
After price consolidated around $0.021, price has had another 44% rally (from recent low $0.2011) to $0.2918 at the time of writing.
There are a few possible scenarios here:
1. Strong Rise:
If price rises above the previous High $0.3198 with Higher Volume & Higher RSI than 18th August, then you can consider chasing the High.
2. Weak Rise:
However, if price rises above $0.3198 with Lower Volume & Lower RSI, be careful on your trade as price might reverse anytime soon.
3. Strong Rejection:
If price has a strong rejection at the $0.3198 resistance level (with Red Bearish Candle), you might consider going short and taking profit at $0.020 or $0.014.
That's it for today $RARE Trade Analysis. I hope this analysis help you make smarter trade decision.
Trade Smarter! Peace Out ;)
