$BAR Breaking out from a descending triangle pattern, which could lead to a bullish wave with an expected move of around 30%.
The last reported price of BAR was around $1.774, showing a 24-hour increase of about 6.2%. There has been a noted increase in the price by 8,36% in the last minute, indicating recent bullish activity.
Trading Volume:
The 24-hour trading volume was approximately 7.56 million USDT on
#Binance , with significant trading activity observed in the last minute (around 25.47K USDT), where 83% of the trades were buys, suggesting strong buying pressure.
Technical Indicators:
Moving Averages:
The 200-day Simple Moving Average (SMA) is expected to rise in the next month to around $2.16, while the short-term 50-Day SMA is projected to hit $2.34 by January 1, 2025. This suggests a bullish trend in terms of moving averages.
RSI (Relative Strength Index):
The RSI was last reported at 63.10, which places the market in a neutral position, not yet indicating overbought or oversold conditions but leaning slightly towards overbought.
Support and Resistance:
Support levels are observed around $1.515, with resistance near $1.56. A breakout has been confirmed, and there's an expectation of a move towards $2.50 in the next couple of days , suggesting a bullish sentiment in the very short term.
Market Sentiment:
The general sentiment from technical analysis indicators is bullish, with many indicators signaling buy signals. The Fear & Greed Index for BAR was at 80, indicating extreme greed, which might suggest the market is overbought in the short term but also reflects strong investor confidence.
Pattern Analysis:
There's mention of BAR Additionally, mentioning consolidations and breakouts, hinting at potential for further upward movement if positive retests or confirmations occur.
Remember, cryptocurrency markets are highly volatile, and this information should be used as part of a comprehensive analysis rather than the sole basis for trading decisions.
Not Financial Advice, DYOR!!
#bar