The $STRAX pair has shown a 17.96% increase over the past 24 hours, currently trading at $0.07599. The token reached a 24-hour high of $0.08567, reflecting strong bullish activity before entering a consolidation phase.
Technical Overview
Resistance Levels:
The key resistance level to watch is $0.08000, which has shown to be a psychological and technical barrier. A breakout above this level could push the price toward the next target at $0.08500 and potentially $0.09000.
Support Levels:
Support is currently found at $0.07300, which aligns with the recent consolidation zone. A deeper pullback could see support tested at $0.07000, a critical level for maintaining the bullish trend.
Momentum and Volume:
The upward price movement is supported by increased trading volume, indicating strong buyer interest. However, the slight retracement suggests that the price may consolidate further before attempting another upward move.
Strategic Recommendations
Short-Term Traders: Consider taking partial profits near $0.08000 and $0.08500, with stop-loss levels set below $0.07300 to manage downside risks.
Long-Term Investors: Current levels provide an opportunity to accumulate on dips, especially if the price retraces toward $0.07300 or $0.07000. Targets for the longer term could reach $0.09000 and beyond.
Conclusion
$STRAX remains in a bullish setup with strong upside potential if key resistance levels are broken. As always, maintaining a disciplined risk management approach is critical in volatile conditions.