$LTO is trading within a descending wedge pattern on the 1-day chart, which is typically considered a bullish reversal pattern. The price is currently at $0.1081, testing the resistance of the wedge. A breakout above this resistance could lead to a potential upward move.
Current Price: $0.1081
Resistance Levels:
• First Resistance: $0.1406 (Purple Line)
• Second Resistance: $0.2351 (Orange Line)
• Third Resistance: $0.3089 (Red Line, Peak Resistance)
Support Levels:
• First Support: $0.0641 (Green Line)
• Second Support: $0.0758 (Yellow Line)
Potential Trade Setups:
• Long Trade: If $LTO breaks above the descending wedge pattern, consider entering a long position with targets at $0.1406 and $0.2351. Set a stop loss slightly below the breakout level at around $0.0980 to manage risk.
• Short Trade: A failure to break above the resistance and a rejection could lead to further downside. Consider shorting $LTO with targets at $0.0758 and $0.0641, with a stop loss above $0.1200.
Keep an eye on volume spikes during the breakout or breakdown for confirmation.
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