The price is moving within a descending channel on the hourly timeframe. It has reached the lower boundary and is heading towards a breakout, with a retest of the upper boundary expected.
The Relative Strength Index (RSI) is showing a downward trend, approaching the lower boundary, and an upward bounce is anticipated.
There is a key support zone in green at 0.00388. The price has bounced from this level several times and is expected to bounce again.
The RSI is showing a trend towards consolidation above the 100-period moving average, which we are approaching, supporting the upward move.
Entry Price: 0.00394
Target 1: 0.00399
Target 2: 0.00406
Target 3: 0.00415
Stop Loss: Below the green support zone.
Remember this simple thing: Money management.
For any questions, please leave a comment.
Thank you.
✅ Trade here on $POND
