Technical Analysis
1. Trend:
âą STRAX/USDT is showing a strong bullish recovery, with a 22.8% increase in the last 24 hours.
âą A low of $0.05240 was observed, followed by a sharp rebound and consolidation near $0.08424.
âą The price broke above key resistance levels and is currently in a strong uptrend.
2. Support and Resistance:
âą Key support levels: $0.08424 (minor support) and $0.06716 (major support from the horizontal level).
âą Key resistance levels: $0.09900 (recent high) and $0.10130 (psychological resistance).
3. Momentum:
âą Strong bullish momentum is evident from large green candles and increased trading volume, indicating high buying pressure.
âą A minor pullback from $0.09900 could occur before the continuation of the uptrend.
Trading Signal
Intraday Long Position
1. Entry Point(s):
âą Enter near $0.08600â$0.08800 on a pullback to retest minor support.
âą Alternatively, enter above $0.09100 if the price breaks out above $0.09900.
2. Stop-Loss Placement:
âą Place the stop-loss at $0.08300 (below minor support at $0.08424) to account for pullbacks.
3. Take-Profit Target(s):
âą First target: $0.09500 (short-term resistance).
âą Second target: $0.09900 (recent high and key resistance).
âą Third target: $0.10130 (psychological resistance and breakout extension).
Alternate Plan (Short if Rejected at Resistance)
If the price fails to hold above $0.09900, consider a short position:
1. Entry Point(s):
âą Near $0.09800â$0.09900, after confirmed rejection.
2. Stop-Loss Placement:
âą Place the stop-loss at $0.10150, just above the resistance zone.
3. Take-Profit Target(s):
âą First target: $0.09200.
âą Second target: $0.08600.
Maintain a Risk-To-Reward Ratio of 1:2 or better.
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