#UNFI CLOSING ABOVE THE MONTHLY LOW: WHAT COULD THIS IMPLY?
UNFI has recently made a huge decline and many is speculating that this token will immediately breakdown lower than its current major support.
Here's our key take.
There's a tendency for UNFI to fully breakdown, although, these criteria must be met before it's confirmed, otherwise, it could hold this key level. First, UNFI must significantly reject the key levels of 3.5, 4.1 & 4.5. Next, if these prices aren't the rejection areas for UNFI, the imbalances above these key levels just slightly below 9.3 must be fulfilled and formation of descending peaks will occur. Finally, once 1 of these criteria will be present, the neckline sitting at 2.12 would be broken down, eventually leading to lower value for UNFI. If none of these criteria are met, we must expect the bounce to happen and a rally to occur.
UPDATE FOR SEPTEMBER 2024 (UNFI)
UNFI hasn't broken down any of its monthly low where the neckline is sitting awaiting for its next reaction. The next possible step for UNFI would be gathering demands from traders who will notice the current scenario playing out with UNFI's strong hold. Thinking outside the box, a possibility for a long wick to cause shakeouts of early longs at around 0.816-1.460 can still playout before the total accumulation for UNFI happen and strengthen the buying pressure from buyers with the intention to cause a major rally.
BOND is currently struggling to break past through the 2.1-2.7 price range. It has already been in a ranging market structure for 40 days. This is a good opportunity for the scalpers and day traders who want to earn reliable profit with selling at 2.16-2.38 and buying at 1.49-1.95. As we keep an eye on this token, the observation will surely payoff as after every ranging market there will be a major move.
This token is still ranging for more than 50 days already. As more traders acknowledge the existence of a golden opportunity of taking profit in between the daily opening and closing of this token. There would be more speculations created causing more traders joining in to take the spot of benefiting its current market structure.
#NEAR HOLDING MAJOR SUPPORT AT 2.8-3.6: THE NEW MAJOR KEY LEVELS
NEAR in its long-term aspect, is now in its markup phase for its bullish market structure. Right now, it's trying to look for higher lows to further establish a great major support for the upcoming continuation of its rally. We can see the key levels 2.6 & 3.3 as a major stronghold for its demand sentiment. Take a look at its ATH for this year which has hit the 9 price mark. This further indicates the attempt of buyers to take the prices to more than half the previous ATH which was 22. As more demands pop-up we can safely assume higher intensity/pressure for a major breakout.
Update for NEAR September 2024:
NEAR has already stayed on top of the major resistance that was broken last December 2023. This proves the existence of a newly established support with the intention of buyers to continue the price rally. Once the market's bullish sentiment continues, there should be no breakdowns happening on this newly established support. However, we're also not denying the fact that there is a possibility for a retracement towards below the newly established support right at 1.86-2.5. Nonetheless, it's wise to observe patiently what will be the reaction of this token that everyone's rooting for.
Stay wise, trade cautiously.