Long signal for VET/USDT

Updated
This technical analysis is based on the daily chart of VETUSDT on the Binance exchange. In this analysis, a price channel is drawn, and support and resistance levels are evaluated.

Price Channel Analysis:
  • The price is currently within a price channel ranging from 0.03229 to 0.04707 USDT.
  • The suggested entry point is around 0.03435 USDT.


Entry and Exit Points:
  • Entry: 0.03435 USDT
  • Take Profit: 0.04707 USDT
  • Stop Loss: 0.03229 USDT
  • R/R Ratio: 5.69


Conclusion:
This analysis suggests that by adhering to the specified take profit and stop loss levels, a successful trade can be achieved. The Reward/Risk Ratio for this trade is approximately 5.69, indicating a highly favorable risk-to-reward scenario. To manage risk effectively, it is recommended to strictly follow the stop loss level.
Trade closed: stop reached
Parallel ChannelSupport and ResistanceTrend Lines

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