Graphic Analysis:
1. Target and Prices:
• There is a clear bullish formation on the chart. The potential target point appears to be in the 0.55-0.60 range, representing an increase of approximately 75% from the current price level.
2. Support and Resistance:
• Support: There are strong support zones at 0.27 USDT and 0.29 USDT. As long as the price continues to hold above these levels, the uptrend may continue.
• Resistance: A stronger upward movement can be expected with the break of the 0.35 USDT level. The main resistance is at the 0.50 USDT levels.
3. Indicators:
• Volume: An increase in volume was observed during the price increase, indicating that the move was supported by strong buyer demand.
• RSI: It may be moving into the overbought area. Short-term corrections may occur, but the general trend is upward.
• Bollinger Bands: The price is trading at the upper levels of the band, indicating that the price is entering an expansion area and volatility may increase.
4. Formations and Turns:
• Ascending Triangle Formation: The formation target points to the 0.50-0.55 level. This formation usually results in an increase.
5. Trend Direction:
• The general trend is upward and bull market signals are dominant. The rising trend line is maintained.
Strategy and Recommendations:
• Short Term Investors:
• If the 0.35 USDT level is broken, a purchase can be made. Target prices can be 0.45-0.50 USDT levels.
• 0.27 USDT can be used as the stop-loss level.
• Long Term Investors:
• Gradual purchases can be made when the price pulls back to one of the strong support levels (0.27 or 0.29).
• The range of 0.60-0.65 can be considered as a high target.
• Risk Management:
• Positions should be reviewed if the price falls below the support levels.
• Profit taking can be done when overbought signals occur in RSI and other indicators.
This analysis is based on the assumption that the price will move in accordance with technical indicators and formations. One should be careful about price volatility and follow market news.
