---$BLZ
đš BLZ/USDT In-Depth Market Analysis đš
Taking a closer look at the BLZ/USDT daily chart, we can see some promising price action developing. Currently, the price is sitting around $0.1289, which represents a 13.91% increase in the last 24 hours, a positive sign for bulls.
Key Observations:
1. Order Block Rebound: BLZ recently bounced off a significant order block near the $0.043 level, where the price found strong support. This area served as a major liquidity zone, and we saw a nice rebound upwards, indicating buyer interest in these lower price ranges.
2. Double Bottom Formation: A potential double bottom pattern seems to be forming around the support zone, which often signals a trend reversal. If confirmed, this could lead to a continuation of the upward movement.
3. Immediate Resistance Zone: The next key level to watch is the $0.30 resistance zone. This area has previously acted as a ceiling for BLZ, and breaking above this resistance will be crucial for any bullish continuation. A strong breakout above this zone could open the door for a potential rally towards the $0.40 region.
4. Volume & Momentum: The 24-hour volume stands at 90.87M, showing increased market participation. This spike in volume suggests that buyers are stepping in, and momentum is building up as the price approaches resistance. However, itâs important to remain cautious around resistance areas, as they could also lead to pullbacks if rejected.
Trading Strategy:
For those looking to enter the market, consider the following:
Entry: Potential entry points could be around the current support zone or wait for a confirmed breakout above the resistance level of $0.30 for a safer entry.
Target: If the price breaks above resistance, the next target would be around $0.40-$0.48.
Stop Loss: Place a stop loss below the $0.043 support level to minimize risk in case of a false breakout or rejection at resistance.
Conclusion:
BLZ is currently showing strong upward momentum after bouncing from key support, and the potential double bottom formation could fuel further gains. Watch for a decisive move through the resistance level for confirmation of the next leg upward. With volume building, the market is showing signs of strength.
Always ensure to manage your risks properly and avoid FOMO trading. Stay tuned for more updates as the price action develops!
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