๐ Current Price: $0.5932
๐ฅ Target Price: $0.7130
#HIVE has been on an impressive journey, seeing a strong 96% move in recent times. As anticipated, we saw the formation of a Falling Wedge Pattern on the daily chart, which has successfully broken out, signaling a potential rally. Currently, we are witnessing a slight retest, which is providing a great opportunity for traders to prepare for the next leg up. The price action and volume will be key to confirming the momentum for this trade.
๐ Key Levels:
Support Zone: $0.58
Resistance Zone: $0.7130
๐ก Trade Strategy:
Entry Zone: Watch for a solid retest and confirmation of price stability around the current zone ($0.5932).
Target 1: $0.65
Target 2: $0.7130
Stop Loss: $0.55
Leverage: 3x-5x for futures traders (adjust based on risk tolerance)
๐ฅ Pro Tip: Stay alert for a volume surge that confirms a continuation of the breakout. If volume starts to drop, consider adjusting your stop loss or booking partial profits.
๐ Volume Insight: Monitor the volume carefully. A rise in volume during this retest phase could confirm a continuation to the upside.
๐ฃ Actionable Advice:
As #HIVE begins its next potential move upward, traders should consider entering on the retest with a tight stop loss for risk management. This offers a favorable risk-reward setup. Keep a close eye on the volume to ensure the breakout holds.
๐จ Stay prepared for the next big move in #HIVE! Keep monitoring the price action and be ready to capitalize on the momentum.
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