The $LOKA /USDT chart reflects a significant price movement, with the coin experiencing a rise from $0.1840 to a high of $0.2480 within the 4-hour timeframe. This 8.77% increase suggests a strong bullish sentiment, driven by an influx of buyers. However, after reaching the peak of $0.2480, the price has retraced slightly to $0.2208, indicating that some profit-taking has occurred, but the overall bullish momentum is still intact.
The key resistance level now stands at $0.2480. If the price manages to break and hold above this level, it could trigger another bullish run, potentially leading to further gains. On the other hand, support is located around the $0.2043 level, and if the price retraces further, it could find stability there. Traders should monitor this level closely for potential buying opportunities in case of a pullback.
For traders looking to enter a long position, a confirmed breakout above $0.2480 could provide a favorable entry point. Alternatively, waiting for a retracement near $0.2043 might offer a better risk/reward scenario. Placing stop-losses below the $0.2043 support level would be wise to mitigate risk, especially in case of increased market volatility.
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