$SXT Breakout: Is This a Trap or a Trend Reversal?
I am watching #SXT right now as it pumps over 36% out of nowhere. Let me break down exactly what I see on the charts and how I am trading it.
On the daily chart, $SXT has been down 89% over the past year, but it just printed a massive bullish candle on high volume from its 0.00759 bottom. It managed to break right through the 21-day EMA, showing that buyers are stepping in aggressively.
Looking at the 1-hour and 15-minute charts, the price hit a high of 0.01149 and is now consolidating sideways instead of crashing straight back down. The 1-hour RSI peaked at 81 and is now cooling off nicely, while the 15-minute moving averages are moving up to support the current price action.
If we hold above 0.01000, we could see a second leg up. If we drop below that, the pump is likely over. Here is my realistic setup for this trade.
Trade Setup
Direction: BUY (Long)
Entry Range: 0.01030 - 0.01050
Take Profit 1: 0.01090
Take Profit 2: 0.01140
Take Profit 3: 0.01190
Stop Loss: 0.00970
Click the chart below to trade.
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Disclaimer: This analysis is for informational purposes only and does not constitute financial advice; crypto trading carries high risk.