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ACE/USDT Technical Analysis (Daily Chart) 📉📈
The current market structure of ACE/USDT is showing interesting price action patterns on the daily timeframe, giving both traders and investors potential opportunities to monitor closely.
Key Observations
1. Rising Wedge Formation:
The chart highlights a rising wedge pattern, a structure that typically indicates a tightening range and hints at a potential breakout. This pattern suggests growing indecision in the market, which could lead to a significant price move soon.
2. Resistance Zone:
The price is approaching a major resistance zone between $2.50–$2.70, marked by previous highs and selling pressure. This area has acted as a barrier in the past, and a confirmed breakout above this level could signal a continuation of bullish momentum.
3. Support Levels:
On the downside, the $1.66 level has proven to be a strong support, serving as the base for the recent upward move. If prices fail to sustain above the wedge, this level could be retested.
4. Volume Analysis:
The 24-hour trading volume stands at 13.28M, showing active market participation. A spike in volume during a breakout or breakdown will be a key confirmation for the next move.
What to Watch For
Bullish Scenario:
If the price breaks above the $2.50–$2.70 resistance zone, it could lead to an accelerated move toward $3.00 and beyond. Traders should watch for volume confirmation and sustained price action above the zone.
Bearish Scenario:
A rejection at the resistance and a breakdown from the wedge could send the price back towards the $1.66 support or lower. A close below this level could invalidate the bullish bias.
Trade Plan
Breakout Traders: Wait for a daily close above $2.70 with strong volume before entering long positions.
Reversal Traders: Look for signs of rejection near the resistance zone to take short positions with targets near $2.00 or $1.66.
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📌 Current Price: $2.35
📌 24h High: $2.43
📌 24h Low: $2.16
💬 What’s your strategy for ACE/USDT? Let us know in the comments!
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