Technical analysis and the potential scenario
Very similar to HEMI, the currency saw a tremendous rise (Pump) followed by a sharp and violent drop, causing it to return to trading in a very narrow bottom area. The sudden rise indicates a lack of liquidity or control by the 'whales' over it. The current price represents its lowest visible levels after the 'madness'.
• The potential scenario: Continued accumulation at the bottom with the possibility of sudden strong rebounds (Pump) due to its historical trading nature.
Trading plan and recommendations
• Suggested buy areas (entry):
• Cumulative buy (high risk): at current levels around $0.1400 and down to it (for a very small amount).
• Suggested sell areas (take profit):
• First price target (immediate resistance): around $0.2000.
• Strategic price target (medium resistance): around $0.3000.
• Stop loss:
• Weekly candle closing below $0.1300.
Strategy and risk management
• Strategy: Bottom speculation strategy. Due to its previous instability, the amount allocated for this currency should be very small and considered risk capital.
• Advice: Avoid being overly optimistic due to previous rises, as it may take a very long time before any significant movement occurs.