$VITE TRADE SETUP

VITE/USDT 1H Chart Analysis:

Overview:

The chart displays a potential recovery after a downtrend, with bullish divergence forming on the RSI indicator, indicating that momentum is shifting upwards.

Buy Signal:

- Entry Point:

Buy around 0.01988 - 0.02000 USDT as price attempts to break above the immediate resistance.

Take Profit Levels:

1. TP1: 0.02258 USDT (initial resistance)
2. TP2: 0.02574 USDT (upper resistance from previous highs)

Stop Loss:

- SL: 0.01886 USDT, just below the recent support to manage risk.

Leverage:

- Use 5x leverage for a balanced risk strategy. Given that this is a 1H timeframe, price movements could be quick, so moderate leverage is appropriate.

Risk Management:

- Risk-to-Reward Ratio: Target a 2:1 ratio for TP1 and a 3:1 ratio for TP2.

- Consider moving your stop loss to break even once price hits 0.02258 USDT to secure profits.

Strategy:

- Watch for volume confirmation on the breakout above 0.02000 USDT.

- RSI shows a bullish trend, and if the upward momentum continues, this could result in a profitable breakout.

This setup is suitable for short-term traders looking for quick entries and exits within a few hours to a day.

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The Vite Network community has voted in favor of a "slashing" hard fork upgrade, which aims to improve the VITE consensus layer.

Vote Results:
Agree 5.6M VITE 100%
Disagree 0 VITE. 0%

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