$FOXY breaks key resistance at $0.010213, signaling renewed bullish momentum and potential for higher gains ahead.
Analyst Miles Deutscher highlights $FOXY’s breakout, with rumors of Linea token driving market excitement.
The 16.56% surge above $0.010213 indicates a strong recovery and suggests the $0.016 resistance level is the next target.
Foxy token ($FOXY) has recently experienced a breakout, pushing above critical resistance levels. Analyst Miles Deutscher highlighted the ongoing strength in the token’s price action, which has surged after breaking past the $0.010213 mark.
Despite the market cap of just $35 million, the token is catching attention as a major resistance zone is broken. Furthermore, rumors of a potential Linea token announcement are adding fuel to the growing excitement.
https://twitter.com/milesdeutscher/status/1855464842620260464 FOXY Token Breaks Through Resistance Levels
The provided chart reveals the daily price movement of $FOXY/USDT on the Bybit exchange. Initially, the price saw early fluctuations, dipping to $0.010478 before experiencing a rapid rise, peaking near $0.034.
However, this sharp increase was followed by a retracement back to $0.010. From June to September, the price remained in a consolidation phase. During this period, it struggled to break the resistance levels at $0.022 and $0.016, which acted as solid barriers.
A Shift Toward Bullish Sentiment
Between late August and early September, $FOXY began to show signs of strength, forming a rounding bottom pattern. This shift signaled a transition from bearish to more neutral, even bullish, sentiment. Prices started moving upwards from a low of $0.006, eventually reaching the crucial $0.012 resistance point in early November. This level had been tested several times before, and its successful break marked a pivotal moment.
Moreover, the breakout above $0.010213 led to a sharp 16.56% price increase, reflecting the market’s renewed interest and buying power. The pattern of higher highs and higher lows following this breakout shows sustained momentum and indicates that $FOXY could aim for higher resistance zones in the near future.
Key Resistance and Support Levels to Watch
Looking at the key support and resistance zones, $0.022 and $0.016 remain significant resistance levels, while $0.010213 serves as critical support. The latest breakout indicates that the $0.016 resistance level would be the next target. Traders will keep a careful eye on these crucial levels as the price continues to rise in order to spot any possible pullbacks or additional positive momentum.
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