CHR/USDT Chart Analysis
General View
The CHR (Chromia) price chart is showing signs of an exit from a long-standing downtrend. The price is expected to continue its upward movement, especially with the breaking of the falling wedge formation.
Target and Prices
1. Short-Term Goals:
• $0.24 - $0.26: Initial resistance levels.
• $0.30 - $0.32: Short-term target after breakout.
2. Medium-long Term Goals:
• $0.40 – $0.42: Medium-term major resistance area.
• $0.50 and above: Long-term main target.
Support and Resistance Levels
1. Support Levels:
• $0.19 - $0.20: Current major support zone.
• $0.16 - $0.17: A strong support area in case the price corrects.
2. Resistance Levels:
• $0.24 - $0.26: First resistance zone.
• $0.30 - $0.32: Critical resistance level.
• $0.40 - $0.42: Important resistance that may be tested if the uptrend continues.
Indicators
1. Volume:
• The increase in volume supports the upward movement of the price.
2. Moving Averages (MA):
• If the price moves above the 50-day moving average, it may confirm the uptrend.
3. RSI (Relative Strength Index):
• An RSI value approaching the overbought region may indicate that short-term corrections are possible.
4. Fibonacci Levels:
• The 0.618% level supports the continuation of the upward movement.
Formations and Formation Reversals
1. Falling Wedge Formation:
• An upward breakout of this formation strengthens the possibility of the rise continuing.
2. Double Bottom Formation:
• The price has created a strong base for the rise by creating a double bottom formation at the support levels.
Trend Direction
1. Short Term Trend:
• Upward trend.
• In the short term, the price is expected to test the $0.24-$0.26 resistances.
2. Medium and Long Term Trend:
• The downtrend has been broken. The price is likely to reach higher levels in the medium term.
Strategy and Recommendations
1. Purchase Strategy:
• Purchases may be considered at the $0.19 - $0.20 levels.
• A price closing above $0.24 may be a signal for new positions.
2. Stop-Loss Levels:
• Closing below $0.18 should be considered as stop-loss.
3. Profit Taking:
• The first target is $0.26, then gradual profit taking can be done at $0.30 - $0.32 levels.
4. Risk Management:
• You should proceed with low-volume purchases and gradual entries.
• Price movements at resistance levels should be monitored carefully.
Comment
The CHR/USDT chart has created a strong foundation for an upward movement. Especially the formation breaks and increasing volume indicate that the price may continue its upward movement. However, caution should be exercised at resistance levels and risk management should not be neglected.
