AUCTION/USDT: Potential Breakout on the Horizon
AUCTION/USDT is testing a crucial descending resistance on the intraday chart, signaling a possible breakout from a **falling wedge** pattern, which is typically a bullish signal.
- **Falling Wedge:** The pattern, which started in late December 2023, has the price consistently forming lower highs and lower lows, compressing towards the apex.
- **Key Levels:**
- **Support Zone:** Around $13.50, a strong support that has held multiple times.
- **Resistance Zone:** Between $36 and $49, where previous rallies faced selling pressure.
- **Volume and MA:** The price is near the 100-day moving average, and a spike in volume could confirm a breakout.
### Scenarios:
1. **Bullish Breakout:** A breakout above resistance could propel the price to $22.30, with potential targets at $31.55 and $36.03âoffering over 100% upside.
2. **Failed Breakout:** If resistance holds, the price might retest the $13.50 support level.
**Keep an eye on the volume and price action** for confirmation of the breakout.
