STO: Analyzing the Journey After Significant Rise 📊
The price of STO has appreciated quite significantly, reaching $0.131 with an increase of 72%. However, technical indicators such as RSI on the 1-hour time frame show an extremely overbought condition at 99.7.
What happened?
· The main trigger was the announcement of airdrop program from Binance of 15 million tokens for BNB holders.
· Institutional support is seen from significant accumulation around $0.1136, creating a strong support area.
Current Technical Conditions:
· Main resistance is in the range of $0.129 - $0.131.
· High overbought conditions indicate the potential for short-term consolidation or correction.
Considerations for Participation:
To take a short position:
· It could be considered if the price approaches resistance $0.129-0.131** with a pullback target to **$0.114.
· Stop loss can be placed above $0.132.
To take a long position:
· It is recommended to wait for a correction first to the area $0.114 - $0.110 before entering.
· Medium-term target is around $0.150.
Projections for the Next Journey:
The high RSI indicates the possibility of consolidation or light correction in the next 1-3 days. After that, further movement will heavily depend on airdrop momentum and overall market sentiment.
Core advice:
It is advised not to rush in at current levels. It is better to wait for confirmation of the next movement or look for a safer entry point after a correction.
What is your view?
Will you wait for a correction first or look for other opportunities from this movement?
#Buliish #BullishMomentum #BullishMay #BullishRise #BullishMomentum.