TNSRUSD Bullish Momentum is Coming. #SOL1. Trend Overview
Downtrend Reversal: The price initially followed a strong bearish trend from around May to mid-July. It seems to have bottomed out around late July and has started to recover, gradually forming higher highs and higher lows, signaling a potential trend reversal from bearish to bullish.
Current Bullish Momentum: The latest price action shows strong upward momentum with a significant daily gain of +12.97%. The breakout suggests that buyers are in control, pushing the price above recent resistance.
2. Key Levels
Support Level: Around $0.3750 – This level has acted as a key support after the breakout. Before the breakout, this area was repeatedly tested as resistance, and now it's likely to act as support. A retest of this zone would confirm it as a solid base.
Resistance Level: The next key resistance level is around $0.7657. This is based on previous price action and the projection drawn on the chart. If the bullish momentum continues, this level could be the next major target.
3. Breakout Confirmation
The breakout above the consolidation zone (~$0.3900 - $0.4200) is a strong signal. Breakouts after a consolidation phase typically lead to extended moves in the direction of the breakout, especially when accompanied by strong volume (though I can't see volume in this image).
A breakout retest may happen, where the price could come back down to retest the $0.4200 region. If it holds as support, this would further confirm the breakout's strength.
4. Price Projection
The chart suggests a potential upward movement targeting around $0.7657, which is quite far from the current price (~$0.4293). This projection is likely based on the previous high or Fibonacci levels.
The path to the target could include minor pullbacks and consolidations, but overall, the upward structure seems intact for now.
5. Technical Pattern
Possible Inverse Head and Shoulders: While not fully confirmed, the price action resembles a possible inverse head and shoulders pattern, especially in the recovery phase. This is a typical bullish reversal pattern. If the pattern holds, the breakout might result in a much larger move.
Conclusion:
The chart shows a bullish breakout after a period of consolidation, indicating a possible trend reversal. If this breakout holds, the price could target the $0.7657 resistance level in the coming days or weeks. However, be mindful of short-term pullbacks or retests around the $0.4200 level. Keep an eye on indicators like RSI and volume for further confirmation of bullish momentum.
