Breaking the Downtrend:
The chart of #GLMR/USDT clearly shows a significant downtrend that has been recently broken, as indicated by the yellow trendline. This breakout is a strong technical signal that the asset may be reversing its previous bearish trend and moving towards a bullish phase.
Strong Support Zone:
There is a well-defined support zone around the $0.30 level, highlighted by the red rectangle. This zone has been tested multiple times, demonstrating strong buying interest at this price level. Entering near this support provides a favorable risk-reward ratio.
Positive Price Action:
The recent price action has been encouraging, with the asset making higher lows and higher highs. This pattern suggests a shift in market sentiment from bearish to bullish, making this an opportune moment to enter the trade.
Volume Confirmation:
An increase in trading volume accompanying the price rise further validates the strength of this move. Higher volume on up days indicates that the breakout is supported by strong buying interest, reducing the risk of a false breakout.
Favorable RSI:
The Relative Strength Index (RSI) is trending upwards and has moved above the midpoint, indicating increasing bullish momentum. This suggests that there is still room for the price to rise before reaching overbought conditions.
Target and Stop-Loss:
With a target price set around $0.5621 and a stop-loss placed below the support zone at $0.2072, this trade setup provides a clear plan with defined risk parameters. The potential upside significantly outweighs the downside risk, making it an attractive trade opportunity.
In summary, the combination of a broken downtrend, strong support zone, positive price action, volume confirmation, and favorable RSI makes this trade a compelling opportunity. Entering at the current levels offers a strategic entry point with a well-balanced risk-reward ratio.
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P.S.
Hello, everyone! We decided to start a marathon and increase our capital from $2 000 to $2 000 000
We will be trading on sports in a manual format with stop loss and take profit.
Important ❗️👇
1. We do not sell training, signals, private channels or any other products. We are just recording our journey for the purpose of a public experiment.
2. Any investment in the crypto sphere can be completely lost. When we trade, we realize that we can lose everything, and if you trade, you also need to understand this.
3. We enter trades based on various data that may turn out to be wrong and lead to losses. None of the trades we enter is a guarantee of success.
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👀💲You can also watch all our trades and copy them. We have created an account for copy trading.
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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.