đ CKB: Bullish Momentum Incoming? đ
Hey Guys! Letâs dive into the daily chart of $CKB and analyze what the indicators are signaling. With the recent price action, it seems like CKB is showing potential for an upward breakout. Hereâs a breakdown:
đ Moving Averages:
EMA50 (Blue Line): Itâs around 0.0095, and the price is now trading above both the 50-day (0.0095) and 200-day EMA (0.0113). This crossover confirms a bullish reversal!
EMA200 (Yellow Line): The price is clearly above this critical long-term resistance, which could act as a support zone now.
đ Key Indicators:
MACD: We see a bullish crossover where the MACD line has crossed above the signal line, indicating rising momentum. Histogram bars are turning green, suggesting that the trend may accelerate upwards đ.
RSI (Relative Strength Index): The RSI is at 67, slightly below overbought territory. This means thereâs still some room for upward movement before we risk a pullback.
Volume: Weâve witnessed a significant volume spike, highlighting increased buying interest. Strong volume supports the current uptrend, so this is another bullish signal đ„.
đ Potential Strategy:
Entry Point: If you missed the initial breakout, consider entering near the 0.0120-0.0123 zone. This could act as a short-term support level after todayâs breakout.
Take Profit Zones:
TP1: 0.0140 (Minor resistance based on recent price action)
TP2: 0.0175 (Next major resistance, possibly hit in the upcoming weeks if momentum sustains)
Stop Loss:
Place your stop loss around 0.0100, just below the 200-day EMA, as falling back below this level could invalidate the bullish setup.
â ïž Risk Consideration:
Be cautious if the RSI pushes above 70, signaling overbought conditions. We could see a minor pullback, but the general sentiment remains positive as long as the price stays above the 0.0113 EMA200 level.
Let me know your thoughts on CKB! đ§ Whatâs your target price for this trade?
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