Technical Analysis: Ascending Channel
BELUSDT is currently navigating an upward trajectory within a well-defined ascending channel on the daily timeframe. This bullish pattern suggests that the price is likely to continue its upward momentum.
Recent Price Action:
After a brief correction upon reaching the channel's ceiling, the price found support at the Order Block (OB) area, triggering a new upward wave. This indicates strong demand for the asset at this price level.
Potential Scenarios:
* Bullish Scenario: The price could retest the bottom of the channel and the green box support zone, providing a potential buying opportunity for traders. From there, it could aim for the specified targets: 0.78, 0.87, 1.07, and 0.68.
* Bearish Scenario: A breakdown below the 0.39 support level could signal a potential reversal and further downward movement.
Support and Resistance Levels:
* Support: 0.48 - 0.39
* Resistance: 0.78, 0.87, 1.07, 0.68
Conclusion:
BELUSDT's position within an ascending channel and the recent price action suggest a bullish outlook. However, it is essential to monitor the price closely and be prepared for potential shifts in market sentiment.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research and consult with a financial advisor before making any investment decisions.