NKN/USDT Bullish Breakout with Potential Resistance Test

10월 22일

The NKN/USDT chart on the 4-hour timeframe is showing a bullish trend supported by a rising trendline, indicating a series of higher lows. The price is currently approaching a critical resistance zone around 0.0794 USDT, a level that has rejected upward momentum in previous attempts.

Analysis
Trend: NKN is in an uptrend, confirmed by the upward-sloping trendline and increasing price action.
Indicators: The Relative Strength Index (RSI) is currently around 61.73, suggesting that NKN is slightly overbought but still has room for potential upward movement before reaching overbought territory (>70).
Potential Bullish Breakout: If the price manages to break above the 0.0794 USDT resistance level, it could trigger further upside momentum.
Trade Idea
Entry Point: A potential entry is around the current price of 0.0766 USDT, with confirmation from bullish candlestick patterns or volume spikes in lower timeframes.
Take Profit (TP):
TP1: Set at 0.0794 USDT, the current resistance level.
TP2: Set at 0.0850 USDT if the breakout continues past the resistance.
Stop Loss (SL): Set at 0.0711 USDT, below the trendline support, to manage risk in case of a bearish reversal.