#DanielNadem
Long Trade Setup:
– Price is currently trading at 0.3491, pulling back slightly after hitting a daily high of 0.3942. It remains well above the 7-day moving average of 0.2758, following a sharp breakout from the 0.2234 floor.
– The 0.2987 area, where the 25-day moving average sits, is the crucial level that needs to hold to maintain the new bullish structure.
– A daily close back above 0.4000 would unlock the next major targets toward the 0.4618 resistance level.
Risk Note:
– The recent volume spike is significant, but the long upper wick suggests some profit-taking is occurring, which could lead to a deeper retest of support.
Next Move:
– Watch for price to stabilize and form a base around the 0.3300 to 0.3500 zone. If buyers step in here, it likely sets up for another attempt at the 0.4000 range.
