Technical Analysis (INO/USDT Chart)
1. Chart Review:
• The price action has broken the long-term falling trend line upwards. This can be interpreted as a possible trend reversal signal.
• It is observed in the chart that upward targets have become evident with the expectation that the rise will continue.
2. Target and Prices:
• Target 1: 0.90 - 1.00 USDT: Can be monitored as the first resistance zone.
• Target 2: 1.50 - 2.30 USDT: Long-term resistance targets can be considered as achievable levels, especially if the current formation is completed.
3. Support and Resistance Levels:
• Support Levels:
• 0.55 USDT: Nearest support after breakout.
• 0.40 USDT: Stronger, lower support level.
• Resistance Levels:
• 0.70 USDT: First short-term resistance.
• 0.90 - 1.00 USDT: Psychological resistance zone.
4. Indicators:
• Volume: Increasing volume during the breakout indicates that the upward move is strong.
• RSI: It may be approaching overbought levels, increasing the possibility of a short-term correction.
• MACD: An upward crossover supports an uptrend.
5. Formations and Formation Reversals:
• Falling Wedge Formation: It has broken upwards and the expectation of an increase in line with the targets has increased.
• Trend Reversal: It appears that the downtrend has ended and an upward trend has begun.
6. Trend Direction:
• Short Term Trend: Upward.
• Medium Term Trend: The upward trend continues.
• Long Term Trend: Trend reversal signals are available.
7. Strategy and Recommendations:
• Buying Strategy: Buying can be done at current levels, but pullbacks to support zones (e.g. 0.55 USDT) can also be followed.
• Stop-Loss: Closing below 0.40 USDT indicates that the trend may be disrupted, and a stop-loss can be placed at this level.
• Profit Taking Strategy: Gradual profit taking can be considered at 0.90 - 1.00 USDT levels.
• Risk Management: Transactions should always be opened by performing risk management, and a small portion of the portfolio should be put at risk.
Conclusion
The chart indicates a strong upward breakout. If this movement continues, the set targets can be reached. However, caution should be exercised at overbought levels and a risk management strategy should be implemented.