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Imagine taking a modest investme
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Ever dream of making big gains with
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MA(7): $5.20 – Short-term support, suggesting a bullish trend if price remains above this level.
MA(25): $4.43 – Mid-term support, highlighting a potential strong base for the current uptrend.
MA(99): $3.51 – Long-term trend, which acts as a critical support level and signifies a strong floor in the event of a market correction.
Resistance Levels:
Resistance 1: $6.10 – The nearest resistance level, just above the recent 24h high. Breaking this level could signal continuation of the bullish trend.
Resistance 2: $6.50 – A psychological resistance and possible target if momentum sustains.
Entry & Stop-Loss Levels:
Entry Zone: Between $5.30 - $5.60 – This zone is above MA(7), near the short-term support, offering a good entry range while allowing for a potential dip in price.
Stop-Loss: $4.70 – Setting the stop-loss just below the recent 24h low to protect against downside risk if price pulls back significantly.
Indicator Analysis:
Bollinger Bands: Likely widening due to the recent price surge, indicating increased volatility. A breakout above the upper band may confirm bullish momentum.
MACD: Watch for positive divergence or a crossover to confirm continued upward movement.
RSI: If RSI nears 70 (overbought), it could indicate potential for a pullback. If it remains below 70, it may signal room for further gains.
Summary:
Trade Setup: Consider an entry at $5.30 - $5.60, targeting $6.10 and $6.50 as potential resistance levels.