✅ The price has been in a long-term downtrend, but recent signs of a reversal are visible.
✅ The price has managed to bounce from a key support level (around 0.13) and is now forming new highs.
✅ Trading volume has increased in bullish candles, indicating buyer interest.
✅ The price has entered the Ichimoku Cloud but has not yet consolidated above it.
📌 Key Levels Analysis:
🟢 Support:
Range 0.13 – 0.14 (local low and price reversal zone) Range 0.20 (potential support in case of a pullback) 🔴 Resistance: Range 0.27 – 0.28 (current ceiling where the price has encountered resistance) Range 0.30+ (if broken, it would confirm a stronger uptrend) 📌 Indicator Analysis:
📌 RSI:
It’s in the overbought territory, suggesting a possible short-term correction. However, it remains above 50, which is considered a bullish signal. 📌 Ichimoku: The price has entered the Kumo Cloud, and if it consolidates above it, a stronger uptrend could develop. The Tenkan-sen (blue line) and Kijun-sen (red line) have formed a bullish crossover, which is a confirmation of positive momentum. 📌 Two Likely Scenarios:
📈 Bullish Scenario:
If the price consolidates above 0.28, it could move toward 0.30 – 0.33. This scenario requires confirmation with increased trading volume during a resistance breakout. 📉 Bearish Scenario (Pullback or Correction): Given the overbought RSI, a correction or pullback is possible. If the price gets rejected at 0.27, a pullback to 0.20 – 0.22 could occur, presenting a good re-entry point for buyers. 📢 Conclusion and Suggested Strategy:
✅ If the price consolidates above 0.28, the bullish scenario is confirmed, activating higher targets.
✅ However, if it fails to break the 0.28 resistance, a correction to 0.20 – 0.22 is likely, potentially creating a buying opportunity.
✅ Entering at the ceiling (0.27 – 0.28) carries high risk; it’s better to either enter on a confirmed breakout or wait for a pullback.
I’m currently taking a short-term short position from around 0.28, and I’m setting my targets at 0.2530, 0.2435, 0.23, and 0.22, with my stop-loss placed at 0.29.