1. Target and Prices
• Target: According to the upward trend in the visual, the target seems to be around 0.50 USDT. This indicates a 76% upside potential.
• Price: The current price is at 0.30 USDT and is going through a consolidation process above this level.
2. Support and Resistance
• Supports:
• The 0.28 USDT level acts as a critical support line.
• Stronger support is at the 0.25 USDT level.
• Resistors:
• The 0.35 USDT level is a short-term resistance zone.
• The main resistance is at 0.50 USDT.
3. Indicators
• The trends in the visual indicate a Bullish Pennant formation. This is generally confirmation of an ongoing uptrend.
• RSI (Relative Strength Index): An overbought or oversold situation should be confirmed in this region. The current volume increase may have created a strong buy signal in the RSI.
• Volume: Rising volume is supportive data for an upward breakout.
4. Formations and Formation Reversals
• Formation: The Falling Wedge Formation draws attention. Falling wedges generally show an upward break.
• If this formation is broken, the price can quickly reach the 0.50 USDT targets.
5. Trend Direction
• The main trend is upward.
• Price action is rising, making higher lows. This indicates strong buying pressure.
6. Strategy and Recommendation
• Breakout Strategy: When a close above the 0.35 USDT level occurs, buying opportunities can be evaluated.
• Stop Loss: Stop loss should be applied in case of a drop below 0.28 USDT.
• Target: First target is 0.40 USDT, second target is 0.50 USDT.
• Volume Tracking: An increase in volume can support the upward movement of the price. Therefore, volume confirmation should be sought at the time of the breakout.
