The privacy-focused Secret Network $SCRT is showing some very interesting patterns on the hourly timeframe. If youâve been tracking the descending channel, itâs time to pay close attention. Here is the technical breakdown and my strategic entry plan for the week.
đ Technical Analysis: The Setup
Descending Channel: SCRT has been moving within a clear descending channel. Currently, it has reached the lower boundary, suggesting a potential bounce or a retest of the breakout zone.
RSI Check: The Relative Strength Index is trending downward. While it shows some overbought pressure cooling off, we are looking for a stabilization point before the next leg up.
Moving Average (100-period): We are seeing consolidation just above the 100-MA. A successful hold here would be a strong bullish confirmation for our targets.
The "Green Zone": There is a critical resistance-turned-support zone at 0.08400. This level has acted as a springboard multiple timesâit's the line in the sand for bulls.
đŻ Strategic Trading Plan
I am looking for a move toward the upper boundaries if the current support holds firm.
đč Entry Price: $0.08646
đŻ Take Profit 1: $0.08794
đŻ Take Profit 2: $0.09028
đŻ Take Profit 3: $0.09370
đ Stop Loss: Just below the green support zone (~$0.08400).
đĄ Pro Tip: Risk Management
In the current volatile market, Money Management is your best friend. Don't chase pumps; wait for the price to come to your entry zone and always use a stop loss to protect your capital. đĄïž
What do you think? Is SCRT ready to fly, or do we need one more retest? Let's discuss in the comments! đ
