NKN Breakout Alert: Key Levels and Targets Identified
Descending wedge setup suggests a bullish reversal – here’s what to watch.
NKN is showing a textbook descending wedge pattern on the daily chart, signaling a potential breakout. Key support at $0.076 has been repeatedly tested, confirming a solid bottom. A short-term pullback to the $0.79–$0.82 zone is expected, presenting an excellent buy opportunity for Degen traders. Of course, absolute confirmation of a breakout is the breakout and test of the breakout line. The initial breakout target is $0.1075, offering a potential 20% gain, with further upside possible if momentum holds.
Volume spikes and Bollinger Bands suggest the move is imminent, but caution is advised to avoid overextensions. Watch for pullbacks to mid-channel levels for re-entries, and keep an eye on weekly chart trends, which support a broader reversal. This setup offers both short-term gains and long-term potential for those ready to act.
Companion video: https://www.tradingview.com/chart/NKNUSD/xIWf3nEi-NKN-Analysis-Breakout-Brewing-Buy-Zone-Identified/
NKNUSDC
NKNUSD
Not investment advice, this is just for posterity😎
Do your own research.
NKN is showing a textbook descending wedge pattern on the daily chart, signaling a potential breakout. Key support at $0.076 has been repeatedly tested, confirming a solid bottom. A short-term pullback to the $0.79–$0.82 zone is expected, presenting an excellent buy opportunity for Degen traders. Of course, absolute confirmation of a breakout is the breakout and test of the breakout line. The initial breakout target is $0.1075, offering a potential 20% gain, with further upside possible if momentum holds.
Volume spikes and Bollinger Bands suggest the move is imminent, but caution is advised to avoid overextensions. Watch for pullbacks to mid-channel levels for re-entries, and keep an eye on weekly chart trends, which support a broader reversal. This setup offers both short-term gains and long-term potential for those ready to act.
Companion video: https://www.tradingview.com/chart/NKNUSD/xIWf3nEi-NKN-Analysis-Breakout-Brewing-Buy-Zone-Identified/
NKNUSDC NKNUSD Not investment advice, this is just for posterity😎
Do your own research.
Trade active
Now is the time if you are a true Degen... (new word for me😎)Note
Our last green candle became a wick and was not recovered, so price did approach the lower channel wall, but is currently displaying a piercing line (3AMish ET) which may become an engulfing - The chart is still looking primed for a breakout following a reversal here.
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.