Technical Analysis:
On the 4-hour and Daily charts, Coin98 (C98) has just successfully broken out of a long-term Ascending Triangle pattern. This is a very strong bullish signal as the price has been consolidating for a while.
Key technical points:
Breakout Confirmed: The price has moved above the upper resistance of the triangle with decent volume.
RSI Strength: On the 1D timeframe, the RSI has crossed above the 50 level and is pointing upwards, indicating strong bullish momentum.
Target Levels: My primary targets are $0.05 and $0.07. If we flip the purple resistance zone into support, a rally towards $0.07 is highly likely.
Fundamental Outlook:
C98 is showing great potential, especially with its strong roots in the Vietnamese market. Positive news regarding major exchanges and increased adoption in Southeast Asia could act as a massive catalyst for this move. Additionally, Bitcoin's current stability is providing the perfect environment for "altcoin season" plays like this one.
Trading Strategy:
Entry: Current levels or on a successful retest of the triangle's upper boundary (~$0.028).
Stop-Loss: Close below the triangle's support to invalidate the setup.
Take Profit: $0.05 | $0.07
What do you think about this breakout? Let me know in the comments!
On the 4-hour and Daily charts, Coin98 (C98) has just successfully broken out of a long-term Ascending Triangle pattern. This is a very strong bullish signal as the price has been consolidating for a while.
Key technical points:
Breakout Confirmed: The price has moved above the upper resistance of the triangle with decent volume.
RSI Strength: On the 1D timeframe, the RSI has crossed above the 50 level and is pointing upwards, indicating strong bullish momentum.
Target Levels: My primary targets are $0.05 and $0.07. If we flip the purple resistance zone into support, a rally towards $0.07 is highly likely.
Fundamental Outlook:
C98 is showing great potential, especially with its strong roots in the Vietnamese market. Positive news regarding major exchanges and increased adoption in Southeast Asia could act as a massive catalyst for this move. Additionally, Bitcoin's current stability is providing the perfect environment for "altcoin season" plays like this one.
Trading Strategy:
Entry: Current levels or on a successful retest of the triangle's upper boundary (~$0.028).
Stop-Loss: Close below the triangle's support to invalidate the setup.
Take Profit: $0.05 | $0.07
What do you think about this breakout? Let me know in the comments!
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.
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.