WELLUSDT trade ideas
WELLUSD needs to get above .382 retrace to retest ATHWELL USD has been sitting inside the .382-.618 fib zone for several weeks. With the run made in other ALT coins I feel it's primed to break out of this zone as it is holding the 50% retrace at this time. A failure below the .500 fib will be when I will just get out of it.
New alt postion Well (moonwell)After realizing we are about to be in full blown alt season I am adding some risk and spreading some bets. Well is a more fundamental pick for me, they are on two popular chains, base and moonbeam. They also have a high amount of TVL in their stablecoin lending products. I have started to deploy my USDC into this risky bets. TA wise I like this setup, we see a break from a rising bottom, and higher highs. Plenty of room on the weekly stochastic, and BBWP is not at extremes.
Moonwell Enters Price Discovery! 600% within 1 week?Don't be fooled by this recent pullback. The KUCOIN:WELLUSDT / COINBASE:WELLUSD (Base's Moonnwell lending protocol) is set-up for an incredibly bullish run!
• Price is at the upper bollinger bands . When a strong uptrend starts, the price tends to "ride the upper bollinger band" for weeks, if not months.
• Golden cross on the daily chart + On Balance Volume confirms healthy uptrend.
• Moonwell is a Circle (stable coin issuer) partner and core #DeFi infrastructure of the Base Layer 2, along with #Aerodrome.
• When Aerodrome entered price discovery mode earlier this year, it did a 31x (yes, over 3100% surge). SPARKS:AERO 's first major leg started on a Monday – and price did a 7x within just five days! (Before moving much, much higher).
If you are not in Moonwell, now is your chance to enter before price discovery mode.
Top of the fibs hit again with other confluenceUsing the Fibs we got our targets, and also taking a measurement of the first touches of the pennant you can see we nailed this target bang on.
The plan was to take profit there as it was my 4x TP zone. But did I? Of course I bloody didn't.
But we learn and move on.
Hopefully, a retest of the previous ATH and we go again. Still supper bullish on this project and holding for a while.
Moonwell $WELLNYSE:WELL is in a good position to become a frontrunner. The last few weeks have seen resistance taken out. this sets us up for the next two. The next one is at $0.0635 and then there is only one more, the wick top at $0.346. That would be the end of the cup, only the handle is missing as consolidation. After that, the 4.618 fibs should be approached at $1.59 in the ideal scenario. The target zone must start at $0.56. This means that profit-taking makes sense from then on!
WELL. Things going well.Formation of a descending triangle after a global downtrend. Personally, I am bullish on WELL and Moonbeam ecosystem as a whole. The protocol recently received a grant of 16 million GLMR (currently $3.3 million). Of course, this does not mean that they will buy back WELL, but it means that development does not stand still and the community and token holders are waiting for major initiatives + recent expansion to BASE blockchain.
WELL - retest entryWe already did nice here (take a look at the previous idea) Watch for the former resistance retest entry. If this does not hold as support and we fall down, we will watch for a lower support zone bounce.
Details and levels on the chart.
Good luck traders!
Be careful, the market is unstable...
21% profit in the morningI was expecting a bigger profit (right now it's 21% profit), but in the morning, with something that seemed to be a double top pattern (3min chart), I preferred to take profit and wait for the price to drop again to buy again, let's see as far as it drops, but if I don't see clear signs I won't buy again
