Chart Pattern: Telcoin is forming a symmetrical triangle over the past 3 days, with the support level at $0.0067. This pattern suggests a potential breakout, with a price target of $0.009 (33% potential return).
MFI Indicator: The Money Flow Indicator (MFI) has moved from oversold (10) to neutral (50) in the past 10 hours, indicating that the selling pressure has subsided, and the market is entering a more balanced or slightly bullish phase.
Liquidity:
There is strong liquidity below the current price, with 137M + 44M in buy orders just under the current price, suggesting potential support levels.
There is also 211M in red volume at the $0.0078 resistance level, which will be key to watch for any breakout confirmation.
Previous Breakout Attempts: The previous breakout attempt at $0.0073 was unsuccessful, with 20M red volume and an MFI of 85, signaling overbought conditions. The current MFI is more balanced, suggesting a higher chance for success on this attempt.
Pattern: Symmetrical Triangle (3 days)
Support Level: $0.0067
Target: $0.009 (33% return potential)
Liquidity: Strong buying interest below at 137M + 44M. Heavy resistance at $0.0078 with 211M in sell volume.
MFI: Improved from oversold (10) to fair value (50) in the past 10 hours, signaling reduced selling pressure and neutral momentum.
Previous Resistance: Previous breakout attempt failed at $0.0073 with 20M in red volume and an MFI of 85 (overbought).
Conclusion: Watch for breakout confirmation above $0.0073. Target of $0.009 with 33% upside. A failure to break above $0.0073 would invalidate the bullish scenario, with a potential revisit to $0.0067.
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