HONEYSWAP:TRIPSWXDAI   Trips on xDai / Wrapped XDAI (0x5426a...3ed26)
There’s not much historical data on TradingView so I drew a rough line to show the price from when it bottomed out around the end of January this year. Overall, there’s not a lot of data to go on, but I’ve tried to make as many clear observations as possible.

From the bottom, a supply trend line has formed with four major bounces from it. Currently, it seems like a period off consolidation from mid-April and getting closer to the supply line. Given the news that Simon Lehmann bought Trips recently, with anticipation that others will follow (and of course being in a period of bullish trends across the entire Crypto field), I’d expect the price to be maintained above the supply line with a strong bounce off it in the coming days/weeks.

A dotted orange line shows the previous Dec .20 ATH that could act as resistance, but if the price breaks above this, we could see prices going very bullish . So keep an eye on this line and the supply line as critical points of price action.

A recent high end of March acted as support as illustrated by the dashed yellow line. If you were to enter now with this as your stop-loss position and Dec ’20 ATH as your take-profit, the risk to reward ratio would be 3:1 - not a bad trade at all.

As this is my first ever idea post, please remember to give a like so I can increase my reputation points. Thanks!

Comments

Nice analysis
+4 Reply
t12ung AbuAhmad123
@AbuAhmad123, Thanks - I'll do more when it's worth doing after some price action.
Reply
Thank you!
Reply
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