The pancake is currently in the recovery stage after a significant drop, from the last peak around 94000 to the lowest point around 80000. At this moment, the price near 7000 is positioned at a continuation level, and it is expected that there will be a period of consolidation.
Looking at the overall market, although the downward momentum has not completely faded, it has reached a low level of the long-term MVRV ratio (1.76). Historical data shows that this level is often accompanied by a strong rebound.
It is recommended to go long around 86400, with a stop loss at 85800, and a short-term target of above 88000-90000.
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