This is a support that has held up quite well at the 0.768 Fibonacci Level for the last few days. This will be a nice entry point for a trade that potentially will be a reversal. The target I will be looking at will be a trendline over the last few months but will add to the idea if it holds up.
Fundamentals show that the project is moving along nicely where they will be adding Pandaswap features which add new tokens which are pegged to BAO with differenet rules...have a look through their docs but it is adding to their multichain experience.
The thing that is very risky is there is very low volume being trading which is a double-edged sword because it will add to the volatility that could push us past the support or resistance quite easily with a whale.
Do your own research!
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So I have deleveraged my original position now and have set up some automatic limit trades to buy in more at the support if we want to do another test.
I have setup a subaccount with a high leveraged trade just incase we breakout to up side but have limited this to 1% of my total position in the trade.
We will just see where we go now as this market is moving fast and could go anywhere. We will just be setup for both scenarios.
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Once we break this 0.000992 level then we can set our eyes on the local high of around 0.0015. Let's see what happens with the release of Pandaswap.
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We have just broken 0.000992 so it is looking to be a great trade up.
Tip if you are following this. Convert your profits straight into BAO so you can farm with it and win both ways.