• A descending wedge formation breakout is seen on the chart. This formation generally results in an upward movement.
• Potential target price range is the resistance levels above depending on the formation height. Initially, the target price can be estimated to be between 0.000032 - 0.000035.
2. Support and Resistance Levels
• Support Levels:
• 0.000024: It has formed a support just below the current price.
• 0.000022: A stronger support zone.
• Resistance Levels:
• 0.000028: First significant resistance.
• 0.000032: Stronger resistance, potential target point.
3. Indicators
• Indicators such as moving averages and RSI are not clear on the chart, but the general volume increase may support upward momentum.
• If Bollinger Bands are used, it can be seen that the price has broken the upper level of the band, which is generally a positive signal.
4. Formations and Formation Reversals
• Descending Wedge Formation:
• This formation generally provides an upward break.
• The target of the price after the breakout means an upward movement equal to the price difference in the widest part of the formation.
5. Trend Direction
• The current trend is upward.
• Even if there is a short-term correction, the general trend seems to be bullish.
6. Strategy
• Acquisition Strategy:
• A buying opportunity can be sought by waiting for the price to create support at 0.000024 levels.
• If the price breaks the 0.000028 level, it should be considered as a second buying opportunity.
• Profit Taking Points:
• In the first stage, a profit taking strategy can be considered in the range of 0.000028 - 0.000032.
• In stronger movements, 0.000035 and above can be targeted.
• Stop Loss:
• Closing below the 0.000022 level should be considered as stop-loss.
General Recommendations
• Volume Analysis: A volume-supported breakout will increase the sustainability of the rise.
• Risk Management: Since there may be sudden changes in the market, attention should be paid to capital management.
• Formation Confirmation: For the breakout to be confirmed, the price must remain above for a while.
This analysis is for general information; a more extensive technical and fundamental analysis is recommended before making investment decisions.
