Chart Analysis and Interpretation
1. Target and Prices
• A structure that breaks the downtrend is observed in the chart. After the breakout, the price target can be expected to rise to 2.00 USD. This indicates an upside potential of approximately 329%.
• Intermediate target levels in the medium term:
• 0.75 USD (important intermediate resistance)
• 1.50 USD (strong resistance in the continuation of the trend)
2. Support and Resistance Levels
• Supports:
• 0.50 USD (short term support)
• 0.33 USD (a major support)
• Resistors:
• 0.75 USD
• 1.50 USD
• 2.00 USD
3. Indicators
• Moving Averages:
• The price is above the 50-day moving average and supports the uptrend.
• RSI (Relative Strength Index):
• The RSI may be approaching the overbought region, indicating a possible correction in the short term.
• MACD:
• It is in positive territory and moving upwards, which supports the continuation of the uptrend.
4. Formations and Formation Reversals
• A large symmetrical triangle formation has been broken on the chart. This breakout generally causes the price to move upwards by the height of the formation.
• The target points to the 2.00 USD level, taking into account the height of the triangle.
5. Trend Direction
• The long-term downtrend has been broken. A new uptrend may be starting.
• Increasing volume supports the strength of this trend.
6. Strategy and Recommendations
• Short Term Strategy:
• As long as the price continues to hold above 0.50 USD, buying positions can be evaluated.
• Profit taking from the intermediate resistance of 0.75 USD may be considered.
• Medium Term Strategy:
• Positions can be carried up to the main target level of 2.00 USD. However, volume and price movements at intermediate resistances should be monitored carefully.
• Stop-Loss Level:
• If the daily close is below 0.33 USD, a stop should be made.
7. Conclusion
• The general outlook is positive. The broken trend and supported indicators show that the price will move upwards in the medium and long term.
• However, attention should be paid to possible corrections in overbought areas and the stop-loss level should definitely be used.