๐ Market Analysis: SPYon (SPDR S&P 500 ETF - Ondo)
The asset is showing an interesting recovery on the daily chart (1D), trying to consolidate support above the main moving averages after a recent correction. Check out the crucial points for your trade:
๐ Technical Highlights:
Moving Averages (MA): The price is fighting to stay above the MA(99) (purple line at $682.86), which is a sign of long-term institutional support. However, the MA(25) (pink line at $688.39) still acts as an immediate resistance.
Price Action: We noted a bottom formation in the region of $670.83. The current candle shows buying strength, seeking to break the recent sideways movement.
Volume: There was a significant spike in buying volume in the last sessions, suggesting an influx of liquidity.
๐ฏ Trade Strategy (Professional Setup)
For those looking for a Swing Trade operation, these are the levels of attention:
๐ Entry Point: Above $689.50 (Confirmation of the breakout of MA25 and the high of the previous candle).
๐ฏ Take Profit 1 (Short Term): $705.00 (Psychological resistance region and previous top).
๐ฏ Take Profit 2 (Medium Term): $717.00 (Close to the historical high recorded on the chart).
๐ก๏ธ Stop Loss: $668.00 (Below the last bottom and the 99-period average, to protect capital from a trend reversal).
๐ก Trader Insight
The RSI (IFR) is in a neutral zone with a slight upward inclination, indicating that there is still room for appreciation before reaching overbought conditions. The asset remains correlated to the traditional market (S&P 500), but with the efficiency of Ondo technology.
โ ๏ธ Risk Management: Never invest more than you are willing to lose. The on-chain asset market can exhibit volatility distinct from the traditional spot market.
#BinanceSquare #SPYon #OndoFinance #TechnicalAnalysis #TradingTips #CryptoInvesting #S&P500 ๐๐
$SPYon
The asset is showing an interesting recovery on the daily chart (1D), trying to consolidate support above the main moving averages after a recent correction. Check out the crucial points for your trade:
๐ Technical Highlights:
Moving Averages (MA): The price is fighting to stay above the MA(99) (purple line at $682.86), which is a sign of long-term institutional support. However, the MA(25) (pink line at $688.39) still acts as an immediate resistance.
Price Action: We noted a bottom formation in the region of $670.83. The current candle shows buying strength, seeking to break the recent sideways movement.
Volume: There was a significant spike in buying volume in the last sessions, suggesting an influx of liquidity.
๐ฏ Trade Strategy (Professional Setup)
For those looking for a Swing Trade operation, these are the levels of attention:
๐ Entry Point: Above $689.50 (Confirmation of the breakout of MA25 and the high of the previous candle).
๐ฏ Take Profit 1 (Short Term): $705.00 (Psychological resistance region and previous top).
๐ฏ Take Profit 2 (Medium Term): $717.00 (Close to the historical high recorded on the chart).
๐ก๏ธ Stop Loss: $668.00 (Below the last bottom and the 99-period average, to protect capital from a trend reversal).
๐ก Trader Insight
The RSI (IFR) is in a neutral zone with a slight upward inclination, indicating that there is still room for appreciation before reaching overbought conditions. The asset remains correlated to the traditional market (S&P 500), but with the efficiency of Ondo technology.
โ ๏ธ Risk Management: Never invest more than you are willing to lose. The on-chain asset market can exhibit volatility distinct from the traditional spot market.
#BinanceSquare #SPYon #OndoFinance #TechnicalAnalysis #TradingTips #CryptoInvesting #S&P500 ๐๐
$SPYon