The asset, after a sharp sell-off on October 11th, has since shown a strong recovery with a rounded bottom and upward trend. It is trading well above its SMA50, indicating strong short-term bullish momentum.
Support Levels:
1. Immediate Support: $0.4230 - Crucial for sustaining the recovery phase.
2. Major Support: $0.4044 - Acts as support if immediate level fails; falling below signals loss of momentum.
3. Key Mid-Range Support:*$0.3745 - Critical to avoid reversal into consolidation zone.
Resistance Levels:
1. Primary Resistance: $0.4815 - Important hurdle; breaking this confirms recovery.
2. Next Major Target: $0.5112 to $0.5200 - Key resistance area following a break above $0.4815.
Bullish Scenario: Holding $0.4230 supports likely breakout above $0.4815, targeting $0.51-$0.52.
Bearish Scenario: Breakdown below $0.4230, especially with high volume, may test support at $0.4044 and prompt a correction.
Key Action: Look for breakout above $0.4815 to confirm next upward move.
Support Levels:
1. Immediate Support: $0.4230 - Crucial for sustaining the recovery phase.
2. Major Support: $0.4044 - Acts as support if immediate level fails; falling below signals loss of momentum.
3. Key Mid-Range Support:*$0.3745 - Critical to avoid reversal into consolidation zone.
Resistance Levels:
1. Primary Resistance: $0.4815 - Important hurdle; breaking this confirms recovery.
2. Next Major Target: $0.5112 to $0.5200 - Key resistance area following a break above $0.4815.
Bullish Scenario: Holding $0.4230 supports likely breakout above $0.4815, targeting $0.51-$0.52.
Bearish Scenario: Breakdown below $0.4230, especially with high volume, may test support at $0.4044 and prompt a correction.
Key Action: Look for breakout above $0.4815 to confirm next upward move.
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.