📌 Overall Trend Overview:
✅ The price has been in a long-term downtrend, but recent signs of a reversal are visible.
✅ The price has managed to bounce from a key support level (around 0.13) and is now forming new highs.
✅ Trading volume has increased in bullish candles, indicating buyer interest.
✅ The price has entered the Ichimoku Cloud but has not yet consolidated above it.
📌 Key Levels Analysis:
🟢 Support:
Range 0.13 – 0.14 (local low and price reversal zone)
Range 0.20 (potential support in case of a pullback)
🔴 Resistance:
Range 0.27 – 0.28 (current ceiling where the price has encountered resistance)
Range 0.30+ (if broken, it would confirm a stronger uptrend)
📌 Indicator Analysis:
📌 RSI:
It’s in the overbought territory, suggesting a possible short-term correction.
However, it remains above 50, which is considered a bullish signal.
📌 Ichimoku:
The price has entered the Kumo Cloud, and if it consolidates above it, a stronger uptrend could develop.
The Tenkan-sen (blue line) and Kijun-sen (red line) have formed a bullish crossover, which is a confirmation of positive momentum.
📌 Two Likely Scenarios:
📈 Bullish Scenario:
If the price consolidates above 0.28, it could move toward 0.30 – 0.33.
This scenario requires confirmation with increased trading volume during a resistance breakout.
📉 Bearish Scenario (Pullback or Correction):
Given the overbought RSI, a correction or pullback is possible.
If the price gets rejected at 0.27, a pullback to 0.20 – 0.22 could occur, presenting a good re-entry point for buyers.
📢 Conclusion and Suggested Strategy:
✅ If the price consolidates above 0.28, the bullish scenario is confirmed, activating higher targets.
✅ However, if it fails to break the 0.28 resistance, a correction to 0.20 – 0.22 is likely, potentially creating a buying opportunity.
✅ Entering at the ceiling (0.27 – 0.28) carries high risk; it’s better to either enter on a confirmed breakout or wait for a pullback.
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I’m currently taking a short-term short position from around 0.28, and I’m setting my targets at 0.2530, 0.2435, 0.23, and 0.22, with my stop-loss placed at 0.29.
📉 Short Position Details:
✅ Targets: 0.2530, 0.2435, 0.23, 0.22
🛑 Stop-Loss: 0.29
✅ The price has been in a long-term downtrend, but recent signs of a reversal are visible.
✅ The price has managed to bounce from a key support level (around 0.13) and is now forming new highs.
✅ Trading volume has increased in bullish candles, indicating buyer interest.
✅ The price has entered the Ichimoku Cloud but has not yet consolidated above it.
📌 Key Levels Analysis:
🟢 Support:
Range 0.13 – 0.14 (local low and price reversal zone)
Range 0.20 (potential support in case of a pullback)
🔴 Resistance:
Range 0.27 – 0.28 (current ceiling where the price has encountered resistance)
Range 0.30+ (if broken, it would confirm a stronger uptrend)
📌 Indicator Analysis:
📌 RSI:
It’s in the overbought territory, suggesting a possible short-term correction.
However, it remains above 50, which is considered a bullish signal.
📌 Ichimoku:
The price has entered the Kumo Cloud, and if it consolidates above it, a stronger uptrend could develop.
The Tenkan-sen (blue line) and Kijun-sen (red line) have formed a bullish crossover, which is a confirmation of positive momentum.
📌 Two Likely Scenarios:
📈 Bullish Scenario:
If the price consolidates above 0.28, it could move toward 0.30 – 0.33.
This scenario requires confirmation with increased trading volume during a resistance breakout.
📉 Bearish Scenario (Pullback or Correction):
Given the overbought RSI, a correction or pullback is possible.
If the price gets rejected at 0.27, a pullback to 0.20 – 0.22 could occur, presenting a good re-entry point for buyers.
📢 Conclusion and Suggested Strategy:
✅ If the price consolidates above 0.28, the bullish scenario is confirmed, activating higher targets.
✅ However, if it fails to break the 0.28 resistance, a correction to 0.20 – 0.22 is likely, potentially creating a buying opportunity.
✅ Entering at the ceiling (0.27 – 0.28) carries high risk; it’s better to either enter on a confirmed breakout or wait for a pullback.
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I’m currently taking a short-term short position from around 0.28, and I’m setting my targets at 0.2530, 0.2435, 0.23, and 0.22, with my stop-loss placed at 0.29.
📉 Short Position Details:
✅ Targets: 0.2530, 0.2435, 0.23, 0.22
🛑 Stop-Loss: 0.29
Trade active
📌 Updated✅ The price has broken the 0.28 resistance and climbed to 0.3031, which is a positive sign for the continuation of the uptrend.
✅ Trading volume in bullish candles is relatively high, indicating that buyers are still active.
✅ The price remains within the Ichimoku Cloud range, and if it can consolidate above it, further growth is likely.
📉 New Key Levels:
🔴 Resistances:
0.3030 – 0.32 (current ceiling range that the price is approaching)
0.35 (next potential resistance)
🟢 Supports:
0.2902 (red line marked on the chart, short-term support)
0.25 – 0.26 (strong support in case of a correction)
📊 RSI Analysis and Correction Probability:
📌 The RSI is in the overbought zone (around 74-75), suggesting a high likelihood of a short-term correction or pullback.
📌 If the price fails to consolidate above 0.3030, a correction to 0.29 – 0.27 is possible.
📈 Possible Scenarios:
1️⃣ Bullish Scenario:
If the price consolidates above 0.30 and trading volume holds steady, it could rise to 0.32 – 0.35.
Confirmation of this scenario: A strong breakout above 0.3030 with high volume.
2️⃣ Correction Scenario:
If the price fails to hold above 0.30, a correction to 0.29 – 0.27 is likely.
This could be a buying opportunity for re-entry at support levels.
📢 Conclusion and Suggested Strategy:
✅ Entering at the current ceiling (0.30+) carries high risk; it’s better to either enter on a confirmed breakout or wait for a pullback.
✅ If the price loses 0.30, a short-term correction to 0.29 – 0.27 would be natural.
✅ Next targets if the uptrend continues: 0.32 and 0.35.
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.