Based on the provided chart of $FIDA /USDT, we can see significant bullish movement. The price surged from around $0.2168 to a high of $0.4410 within the 4-hour timeframe, showing a substantial gain of over 60%. This indicates that there was a strong influx of buying pressure, which propelled the price upwards. Such a sharp rise often points to a breakout, possibly driven by either fundamental news or positive market sentiment. However, itâs important to recognize that after hitting the peak at $0.4410, the price has retraced slightly to $0.3806.
Currently, FIDA/USDT is showing some consolidation near the $0.38 level, which suggests a potential pause before the next move. The 24-hour low of $0.2366 indicates that thereâs been strong volatility in this pair. Given that the price has pulled back from the highs, traders should be cautious of a potential correction, especially if the price breaks below the $0.38 level, which may indicate further downside movement. On the other hand, a sustained move above $0.44 could spark another rally.
For traders looking to enter a long position, itâs essential to monitor for a breakout above the recent high of $0.44 with confirmation from increased volume. For short-term traders, setting stop losses below the $0.2878 support level might be prudent to manage risk effectively, as any breakdown below this level could signal a deeper retracement.
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