Trade setup: Price is in an Uptrend, trading in a Channel Up pattern. Swing traders could enter on pullbacks near Channel support trendline (~$45) and exit near Channel resistance trendline (~$65). Trend traders ought to wait for a breakout from Channel. This liquid staking protocol has a steadily growing Total Value Locked (TVL), indicating user adoption, and was subject of our recent Coin Picks research report.
Pattern: Price is trading in a Channel Up pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $45, then $30. The nearest Resistance Zone is $55, then $65.
Pattern: Price is trading in a Channel Up pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $45, then $30. The nearest Resistance Zone is $55, then $65.