$2.40 to $2.50 is a good entry point for traders and investors, with a predicted price target of $4.60, representing a significant upside of nearly 92%.
Comment:
1. After breaking out of the bearish channel, the price entered an upward sloping channel, indicating a new bullish trend.
2. The key resistance level is around $4.659, as indicated on the chart. This level has been tested multiple times in the past and represents a significant barrier.
3. The main support level is around $2.668, which has acted as a strong support in recent price action.
4. A secondary support level is around $1.965, which is a more distant and stronger support level if the price falls significantly.
5. If the price breaks above the $3.10 level, it could indicate a bullish breakout with a potential price target between $4.30 and $4.65. This is marked on the chart with a projection arrow.
6. The Stochastic RSI at the bottom of the chart shows a bullish crossover in the oversold region, which supports the bullish scenario.
7. Volume bars at the bottom show increased buying activity, especially on the recent price rise. This supports the bullish outlook as increased volume on price rises often indicates stronger bullish sentiment.
- If the price fails to break above $3.10 and could falls below $2.668, it could retest lower supports around $1.965.
- If the price breaks above $3.10, the next targets would be between $4.30 and $4.65.
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2. The key resistance level is around $4.659, as indicated on the chart. This level has been tested multiple times in the past and represents a significant barrier.
3. The main support level is around $2.668, which has acted as a strong support in recent price action.
4. A secondary support level is around $1.965, which is a more distant and stronger support level if the price falls significantly.
5. If the price breaks above the $3.10 level, it could indicate a bullish breakout with a potential price target between $4.30 and $4.65. This is marked on the chart with a projection arrow.
6. The Stochastic RSI at the bottom of the chart shows a bullish crossover in the oversold region, which supports the bullish scenario.
7. Volume bars at the bottom show increased buying activity, especially on the recent price rise. This supports the bullish outlook as increased volume on price rises often indicates stronger bullish sentiment.
- If the price fails to break above $3.10 and could falls below $2.668, it could retest lower supports around $1.965.
- If the price breaks above $3.10, the next targets would be between $4.30 and $4.65.