Floki Is Ready For New ATHFloki/USDT is currently trading within a defined range, forming a box setup on the chart. This indicates a consolidation phase, where the price is accumulating strength for the next significant move.
Box setup details:
- Support (bottom of the box): This level acts as the accumulation zone, where buyers typically step in. Ideal for entries during pullbacks.
- Resistance (top of the box): This is the breakout level. The price needs to close above this area on higher timeframes to confirm a bullish continuation.
Trading strategy:
1. Entry strategy:
- For spot trades: Enter near the support level within the box. Hold patiently for potential upside.
- For leverage trades: Use lower leverage and wait for the price to either bounce off the support zone or confirm a breakout above the resistance with volume.
2. Targets:
- First target: 20-30% (if the price moves to the midpoint of the box).
- Second target: 50% (if the price nears resistance).
- Final target: 100% or more after a confirmed breakout.
3. Stop-loss:
Place your stop-loss slightly below the support zone to protect against downside risk in case of a breakdown.
4. Breakout confirmation:
A breakout above the top of the box, confirmed with increased volume and a strong candle close, can lead to a powerful rally.
Remember, patience is key with box setups. Always manage your risk and trade responsibly.
