đ„ Streamr (DATA) Gearing Up for a Breakout? Hereâs the Trade Setup You Need to Know
Streamr (DATA) took a hit, dropping more than 8% intraday, but a lot on the chart suggests a potential turnaround is in play.
1ïžâŁ Chart Breakdown
First, letâs focus on the bottoming formation. While itâs not a textbook cup and handle, it does display some similarities, with a rounded bottom followed by consolidation. This gradual bottom-building structure indicates that selling pressure may have eased, and buyers are starting to step in.
2ïžâŁ Current Situation
Streamr is testing its 200-day EMA (around $0.044). This is a significant level; a close above it could be the trigger weâve been waiting for.
However, we want the price to close above the $0.047 level to confirm the breakout. That would be the ideal entry point, as it clears both the EMA and local resistance, signaling that Streamr is ready to push higher.
3ïžâŁ Volume
One more bullish sign is the recent increase in volume. As the price has approached the 200 EMA, weâre seeing volume pick up, which adds credibility to the idea that a breakout could be imminent. This surge in volume is often a leading indicator of more decisive price action ahead.
4ïžâŁ Trade Setup
âą Entry: The best entry comes with a daily close above $0.047. This would confirm the breakout from both the EMA and critical resistance.
âą Target 1: $0.065 (33% potential gain)
âą Target 2: $0.08 (67% potential gain)
âą Stop Loss: To manage downside risk, set a stop below $0.042, beneath the recent swing low.
đ Final Thought
Streamrâs recent drop might have shaken some traders, but the overall structure shows signs of a potential breakout. The bottoming formation, combined with rising volume, is fueling optimism that we could be seeing the start of a new uptrend. Keep a close eye on the $0.047 level for a confirmed breakout!
