#night $NIGHT Fibonacci analysis is a popular technical tool in stock trading, forex, and crypto. Based on the Fibonacci sequence (0, 1, 1, 2, 3, 5, 8, 13…), it generates important ratios: 23.6% – 38.2% – 50% – 61.8% – 78.6% (retracement) and 127.2% – 161.8% – 261.8% (extension).
How to use:
• Retracement: Identify support/resistance areas when the price adjusts. The levels of 61.8% and 38.2% are usually the strongest.
• Extension: Forecast price targets when the trend continues.
For example, with the token NIGHT (Midnight – privacy sidechain Cardano): The price of NIGHT has recently hovered around 0.044 – 0.048 USD. Analysts often monitor the 0.236 Fib (~0.055) as resistance and 0.50 Fib (~0.040) as support. If it breaks upward, the extension target could aim for 0.067 – 0.10 USD.
Fibonacci reflects market psychology but is not 100% accurate. It should be combined with volume, Japanese candles, and news (such as the mainnet Midnight) to increase effectiveness. @MidnightNetwork
How to use:
• Retracement: Identify support/resistance areas when the price adjusts. The levels of 61.8% and 38.2% are usually the strongest.
• Extension: Forecast price targets when the trend continues.
For example, with the token NIGHT (Midnight – privacy sidechain Cardano): The price of NIGHT has recently hovered around 0.044 – 0.048 USD. Analysts often monitor the 0.236 Fib (~0.055) as resistance and 0.50 Fib (~0.040) as support. If it breaks upward, the extension target could aim for 0.067 – 0.10 USD.
Fibonacci reflects market psychology but is not 100% accurate. It should be combined with volume, Japanese candles, and news (such as the mainnet Midnight) to increase effectiveness. @MidnightNetwork