PEOPLE is structurally confined within a well-defined descending channel. Price action recently reacted off a weak support level, prompting a corrective bounce targeting the immediate supply zone around 0.01777.
However, unless a significant bullish breakout occurs, rejection from this zone is highly probable and could sustain bearish momentum. A continuation to the projected drop target near the 0.00620 region appears likely, aligning with the lower boundary of the channel. This zone offers a high-probability area for long-term accumulation.
Should the projected path unfold as illustrated, a gradual multi-phase bullish structure may emerge, targeting 0.02482, 0.04995, and ultimately testing the upper boundary near 0.09071.
However, unless a significant bullish breakout occurs, rejection from this zone is highly probable and could sustain bearish momentum. A continuation to the projected drop target near the 0.00620 region appears likely, aligning with the lower boundary of the channel. This zone offers a high-probability area for long-term accumulation.
Should the projected path unfold as illustrated, a gradual multi-phase bullish structure may emerge, targeting 0.02482, 0.04995, and ultimately testing the upper boundary near 0.09071.
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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.