What is next move??? 👇
According to technical analysis:
The chart shows the PHA/USDT pair on a 1-day timeframe, and here’s a breakdown in simple terms:
Key Observations:
1️⃣. Current Price: PHA is trading at $0.4382, up 78.93% for the day, indicating a massive bullish movement.
2️⃣. Volume: Trading volume is very high, suggesting strong market interest and activity.
3️⃣. Support Level:
A major support level is around $0.2031, which acted as a base before this rally started.
4️⃣. Resistance Area:
The daily high reached $0.5009, which could act as a key resistance if the price attempts to move higher.
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Buy and Sell Zones:
Buy Zone:
If the price retraces, look for a re-entry between $0.30 - $0.35 for a safer buy. This area could act as a potential bounce zone during pullbacks.
If the price revisits the $0.2031 support, it becomes a strong buy region.
Sell Zone:
Look to take profits if the price approaches $0.50 - $0.55, as this is a strong psychological and resistance level.
If it breaks above $0.55, expect further upside, but be cautious as the price is already in a steep rally.
Key Strategy:
Risk Management:
The price is overextended after a massive rally, so waiting for a pullback might be safer before entering.
Use stop-loss levels below $0.30 or $0.20, depending on your risk tolerance.
Next Move:
If the price consolidates above $0.40, it could aim for higher targets like $0.55 or beyond.
However, sharp pullbacks are common after such strong rallies, so be prepared for potential corrections.
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