AXL/USDT Analysis: Potential Long-term Upside from $0.46 - $0.56
The chart indicates a possible bullish setup for AXL/USDT on the daily timeframe. The price is currently testing the support zone between $0.46 and $0.56, suggesting a potential entry point for a longer-term upward move targeting $2.1.
Detailed Analysis:
Price Structure:
AXL/USDT has been in a downtrend, followed by a consolidation phase near the support zone at $0.46 - $0.56. This range has acted as a strong support in the past, suggesting a potential base for a bullish reversal.
The price action in this area shows the possibility of an accumulation phase, which could serve as the foundation for a long-term rally.
Entry Price:
The ideal entry zone is within $0.46 - $0.56, where the price is currently consolidating. This support range presents a lower-risk entry point, supported by potential bullish momentum building in the coming weeks.
Target Price:
The long-term target price is set at $2.1, which corresponds to the previous major resistance level and aligns with the projected potential for a breakout from the accumulation zone.
Key Support & Resistance Levels:
Support: $0.46 - $0.56 (current entry zone)
Resistance: $0.93 (intermediate resistance), $1.52 (major resistance), and $2.1 (long-term target).
Risk Management:
Stop Loss: A stop-loss can be placed below $0.45 to limit downside risk, as a break below this level could invalidate the current bullish setup.
Trade Plan Summary:
Entry Zone: $0.46 - $0.56
Take Profit: $2.1 (long-term target), with potential intermediate resistance at $0.93 and $1.52.
Stop Loss: Below $0.45
Conclusion:
AXL/USDT is currently forming a potential bullish base at a strong support zone, suggesting a long-term buying opportunity. The analysis indicates a potential upside toward $2.1 if the support holds and the price breaks through the intermediate resistance levels.
Detailed Analysis:
Price Structure:
AXL/USDT has been in a downtrend, followed by a consolidation phase near the support zone at $0.46 - $0.56. This range has acted as a strong support in the past, suggesting a potential base for a bullish reversal.
The price action in this area shows the possibility of an accumulation phase, which could serve as the foundation for a long-term rally.
Entry Price:
The ideal entry zone is within $0.46 - $0.56, where the price is currently consolidating. This support range presents a lower-risk entry point, supported by potential bullish momentum building in the coming weeks.
Target Price:
The long-term target price is set at $2.1, which corresponds to the previous major resistance level and aligns with the projected potential for a breakout from the accumulation zone.
Key Support & Resistance Levels:
Support: $0.46 - $0.56 (current entry zone)
Resistance: $0.93 (intermediate resistance), $1.52 (major resistance), and $2.1 (long-term target).
Risk Management:
Stop Loss: A stop-loss can be placed below $0.45 to limit downside risk, as a break below this level could invalidate the current bullish setup.
Trade Plan Summary:
Entry Zone: $0.46 - $0.56
Take Profit: $2.1 (long-term target), with potential intermediate resistance at $0.93 and $1.52.
Stop Loss: Below $0.45
Conclusion:
AXL/USDT is currently forming a potential bullish base at a strong support zone, suggesting a long-term buying opportunity. The analysis indicates a potential upside toward $2.1 if the support holds and the price breaks through the intermediate resistance levels.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.