W/USDT Making a Healthy Structure
The price has already doubled from $0.16 to $0.34. Done?
After a 5.5-month downtrend, the price started to rise and has already doubled in just 1-2 weeks, now pausing at the main orange downtrend channel.
Does this remind you of something? SUI also broke out of a 5.5-month downtrend and started to rise in its first times.
Looking at the chart, we can see that the price formed a two-month horizontal bottom within the purple box during August and September. It seems to have broken above this area on September 26th.
After breaking above the horizontal low in the purple box, the price has been stuck at the orange downtrend channel for the past two days.
It's normal and healthy for the price to be stuck at the downtrend channel as long as it stays above the purple box. This can be interpreted as a retest of the broken level. Of course, breaking the orange downtrend channel would be more positive.
For now, as long as the price remains above $0.27 - $0.28, the momentum and movement seem to be bullish. This price level is a significant support level.
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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.