🔰CHESS/USDT ANALYSIS UPDATE📌
CHESS/USDT is showing a potential ending diagonal pattern in the form of a descending broadening structure. The plan is to accumulate within the shaded zone on the chart, anticipating a reversal.
The expected price movement path is indicated, with the major external supply zone acting as a significant sell-off area to watch closely.
Current Price and Trend:
CHESSUSDT is currently trading at $0.2122, which is a resistance zone. If the price breaks above this level, the next significant resistance level to watch is $0.2501. However, if it falls below $0.2122, it could drop to $0.1691, with further declines possible towards $0.142 and $0.1123.
Technical Indicators: The Relative Strength Index (14) and Stochastic %K (14, 3, 3) suggest a neutral trend, while Moving Averages indicate a neutral to sell signal. Oscillators show a buy signal, but Moving Averages are neutral.
Market Sentiment: The overall market sentiment is uncertain, with multiple exchanges showing a mixed signal. Some analysts predict a potential breakout above the resistance level, which could lead to significant gains. Others suggest accumulating within the shaded zone on the chart, anticipating a reversal.
Trade Ideas:
- Long-term investors: Hold/Buy, targeting $0.70
- Short-term traders: Wait for confirmation, with potential entry at $0.318 and stop loss at $0.2867
- Breakout strategy: Buy on breakout above $0.2122, targeting $0.2501
Keep in mind that cryptocurrency markets are highly volatile. Always consult multiple sources and consider your risk tolerance before making investment decisions.
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