📢JOE Market Insights: Post-Breakout Consolidation📊
On the H4 timeframe, JOE's price action has formed a descending triangle pattern and successfully broken out of its trendline, indicating a potential shift in market dynamics. Currently, the price is consolidating above its support level, which is marked between $0.348 and $0.340.
This consolidation phase is crucial as it will determine the next directional move. If the price can maintain its position above this support range, we may see a continuation of the upward trend. The next significant level to watch is the upper side buy-side liquidity level, marked at $0.387. Achieving this level would confirm a bullish continuation and attract more buyers into the market.
However, traders should also be cautious of any potential reversals. If the price falls below the support range, it could indicate a failure to sustain the breakout, leading to increased selling pressure and a possible retest of lower support levels.
Monitoring the price action around the current support and the liquidity level at $0.387 will provide valuable insights into the market's future direction. A successful hold above the support and a move towards the liquidity level would strengthen the bullish outlook for JOE.
🔍Crypto Scouts analytics team
