We have a beautiful descending wedge with price stabilizing and momentum moving upward. The EMA ribbons have been just about flipped here on the 4hr time frame and it's possible that we could have a breakout in the near future.
The price has been forming lower highs and lower lows since April 2023, and the range between the highs and lows has been narrowing. This suggests that the pattern is becoming more defined, and that a breakout is likely.
However, it is important to note that a descending wedge is not a guarantee of a breakout. The pattern can also break down, which would be a bearish signal.
If the
ILUS
price does break out of the descending wedge, it is likely to target the resistance level at $0.06. This level was previously a support level, and it is now acting as resistance. If the price breaks through this level, it could continue to rise to the next resistance level at $0.08.
However, it is important to remember that this is just a technical analysis, and it is not a guarantee of future price movements. Investors should always do their own research before making any investment decisions.
Here are some of the factors that could influence the
ILUS
price:
The company's financial performance: If the company reports strong financial results, it could boost investor confidence and drive the price up.
The overall market conditions: If the overall market is bullish, it could also help to drive the
ILUS
price up.
News about the company: Any positive news about the company, such as a new product launch or a partnership, could also boost the price.
Not financial advice, DYOR
The price has been forming lower highs and lower lows since April 2023, and the range between the highs and lows has been narrowing. This suggests that the pattern is becoming more defined, and that a breakout is likely.
However, it is important to note that a descending wedge is not a guarantee of a breakout. The pattern can also break down, which would be a bearish signal.
If the
ILUS
price does break out of the descending wedge, it is likely to target the resistance level at $0.06. This level was previously a support level, and it is now acting as resistance. If the price breaks through this level, it could continue to rise to the next resistance level at $0.08. However, it is important to remember that this is just a technical analysis, and it is not a guarantee of future price movements. Investors should always do their own research before making any investment decisions.
Here are some of the factors that could influence the
ILUS
price: The company's financial performance: If the company reports strong financial results, it could boost investor confidence and drive the price up.
The overall market conditions: If the overall market is bullish, it could also help to drive the
ILUS
price up. News about the company: Any positive news about the company, such as a new product launch or a partnership, could also boost the price.
Not financial advice, DYOR