Simon's Cat on the daily chart
The asset shows a strong upward trend with confident movement within the defined range of support and resistance.
In the last month, the price has consolidated in sideways movement, building momentum for a new impulse.
📈 It now indicates a breakout of static and dynamic resistance, but this could still be a false breakout, a 'trap for hamster traders'.
I recommend considering an entry into a long position on the retest of the resistance level, which can now act as support: 0.00005700$ – 0.00005900$.
An additional signal is provided by the MACD indicator on the 4-hour timeframe, indicating a forming upward reversal. The target of the movement is the next resistance zone, with the potential for further growth within the trend structure: 0.00007190$ (the 138.20% Fibonacci level).