#PYTH Why Enter This Trade?

S_CAPITAL Updated   
In the chart for the #PYTH/USDT pair , several key technical signals make this trade attractive:

1. Breaking the Descending Trend Line: As seen on the chart, the price has broken the descending trend line, which is a strong signal for entering the market. This indicates a possible start of a new uptrend.

2. Formation of Support Zone: The support level is marked at 0.3402, providing a reliable base for setting a stop-loss. This minimizes risks and allows for control of potential losses if the price returns to previous levels.

3. Potential Growth to Resistance Level: The take-profit level is set at 0.7610, offering an attractive risk-reward ratio. This means that the potential profit significantly exceeds the risk, making this trade appealing.

4. Increasing Trading Volume: Recent candles show an increase in trading volume, often preceding significant price movements. High volume confirms market interest and may indicate trend strength.

5. RSI Analysis: The RSI indicator is not in the overbought zone, indicating potential for further growth. This gives additional confidence that the asset is not overvalued and has room to move upwards.

Conclusion: Considering the technical analysis and identified signals, entering this trade seems justified. It's important to remember risk management and set a stop-loss at 0.3402 to limit potential losses. Trading always involves risks, so using technical analysis along with risk management strategies will help achieve optimal results.


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Trade active
Trade closed: stop reached


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