WINGUSDT chart, focusing on patterns, support, and resistance :- Chart Pattern shows the most prominent feature is the strong bullish breakout from a descending channel or wedge pattern. This pattern suggests a period of consolidation or accumulation was followed by a surge in buying pressure, leading to the upward price move.
The breakout indicates a potential shift in momentum from bearish to bullish. The price action suggests the possibility of further upside in the near term.
Support Levels:
7.00:Â The current price level (around 7.030) has become a psychological support level, as it coincides with a previous resistance point and the breakout point of the descending channel.
6.50 - 6.60:Â The area around this price range acted as previous resistance turned support during the consolidation phase. A retest of this zone could provide a buying opportunity if the bullish momentum holds.
6.00:Â The psychological level of 6.00 USDT aligns with the lower trendline of the broken descending channel, offering another potential support zone.
Resistance Levels:
7.50 - 7.60:Â This area represents a previous high and a potential psychological resistance level. A break above this zone would further confirm the bullish strength and could open the door for further gains.
7.95 (24h High):Â The recent high acts as an immediate resistance point. Surpassing this level would signal a new short-term high and could lead to further momentum buying.
8.00:Â The psychological level of 8.00 USDT is a natural resistance point to watch.
Important consideration - The breakout was accompanied by a significant surge in trading volume, which adds validity to the move. It's important to watch for continued volume on further price increases for a sustained rally.
Disclaimer:Â This is not financial advice. Trading cryptocurrencies involves substantial risk. Always conduct your own thorough research and consider your risk tolerance before making any trading decisions.
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