TOMO/USDT Technical Analysis: Bearish Channel Breakout Potential
In this technical analysis, we will analyze the TOMO/USDT chart and explore its potential bearish movement. It is essential to note that this analysis is not financial advice, and readers should conduct their research before investing in any cryptocurrency.Current Price: At the time of writing, TOMO is trading at $0.913.
Ascending Channel Breakout:
The TOMO/USDT chart is currently trading in an ascending channel, which is a parallel channel that indicates a bearish trend if broken downwards. The channel was last broken on March 2, 2023, and resulted in a 23% downside target.
Bearish Potential:
If the support line breaks, we can expect a 44% down move from the current level and a 36% down move from the breakout area. Thus, the bearish potential is significant, and investors should be cautious.
Weekly Resistance Level:
The weekly strong resistance level for TOMO is between $1.20-$1.30, and we anticipate a big rejection at this level.
Key Levels:
Support: $0.82/$0.51
Resistance: $1.10/$1.30
Conclusion:
In conclusion, the TOMO/USDT chart is currently looking bearish, with the potential for a significant down move if the support line breaks. Therefore, investors should conduct thorough research and consider risk management strategies before making any investment decisions.
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