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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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