🚀 ALLO/USDT Long Setup: Bouncing from a Key Demand Zone! 🚀
📉 Technical Analysis:
Looking at the 1H chart, $ALLO has heavily retraced following its massive bullish rally. However, price has now tapped directly into a major historical support block (marked by the red rectangle). This exact zone acted as a strong springboard previously, initiating the last massive leg up. As we hit this floor, selling pressure appears to be exhausting, and we are seeing buyers step back in to defend the level.
🧠 Trade Logic:
The logic here is a classic "buy at support" continuation play. By entering near the top of this demand zone, we can secure a highly favorable Risk-to-Reward (R:R) ratio. The trade is invalidated if price breaks and closes below the support box, so our Stop Loss is tucked safely underneath it. If the bulls hold the line, the primary target is the liquidity resting at the previous local high.
📊 The Trade Setup:
⬆️ Direction: LONG
🎯 Entry: 0.12350 - 0.12460 (Current market area)
🛑 Stop Loss (SL): 0.11316 (Strict close below the support zone)
💸 Take Profit (TP): 0.15526 (Targeting the recent swing high)
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