Looking at the $MON /USDT chart, the price has risen by 9.19%, currently at 0.02092. The price recently tested support at 0.01875 and has been moving upwards, showing bullish momentum. It's now approaching the resistance zone at 0.02107.
Entry Points: A good entry point could be around the current price of 0.02092 or if the price retraces back to around 0.02015, which aligns with the moving averages and recent support.
Stop Loss: Place a stop loss just below 0.01816 to protect from any further downside if the price breaks through recent support.
Take-Profit Levels:
1. The first target could be at 0.02107, near the recent high and resistance level.
2. A higher target could be around 0.02270, the next resistance level above the current range.
3. If the bullish momentum continues, you could aim for 0.0230 or higher, depending on market strength.
Should You Buy?
Based on the bullish movement, entering around 0.02092 or after a small retracement could be a good idea if you're looking to capitalize on the short-term upward trend. The moving averages (MA) are showing bullish alignment, and the price is above the key moving averages (MA7 and MA25). Keep a close eye on the 0.02107 resistance level to see if the price breaks through for more upside.
If you're not comfortable with risk, a tight stop loss and careful monitoring will help manage any downside.
