IDEAOLOGY A break above its 1 month Triangle will target 0.3500!
This is an important update on IDEAUSDT as the token is fulfilling the buy conditions I published around a month ago (see chart below) based on its long-term cyclical behavior and is turning into a strong buy opportunity:
On today's analysis however, I will focus on the shorter term 4H time-frame as the strong short-term fundamentals offer solid break-out buy opportunities based on the Fibonacci levels. But let's dig deeper into it.
** Technical analysis **
As mentioned above, this is a 4H chart, which shows IDEA consolidating within a Triangle (of Lower Highs and Higher Lows), which is consistent with the Accumulation Theory presented on my long-term Cyclical pattern published a month ago. As you see, the price broke above the 1D MA50 (red trend-line) on February 07 and 15, which was a strong Resistance. Now once the Lower Highs break, I expect the price to start filling the gaps on the Fibonacci retracement levels, where interestingly enough, is where the major Resistance Clusters are. I give strong probabilities to an upward break-out because the 1D RSI has been on Higher Highs as opposed to the Lower Highs of the price, indicating a Bullish Divergence. My short-term target after the break-out is 0.3500, which is slightly below the 0.618 Fibonacci retracement level.
** Fundamental analysis **
The good news don't stop here. The IDEA project, to thank users for their support, will be launching a competition on KuCoin, giving away a reward pool of 360,000 IDEA! The competition is run on three Activity tiers with a 60000, 220000 and 80000 IDEA respectively and will run until February 28. You can find more info on the specifics of the Activities on Ideaology's website. But for sure you wouldn't want to miss this!
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On today's analysis however, I will focus on the shorter term 4H time-frame as the strong short-term fundamentals offer solid break-out buy opportunities based on the Fibonacci levels. But let's dig deeper into it.
** Technical analysis **
As mentioned above, this is a 4H chart, which shows IDEA consolidating within a Triangle (of Lower Highs and Higher Lows), which is consistent with the Accumulation Theory presented on my long-term Cyclical pattern published a month ago. As you see, the price broke above the 1D MA50 (red trend-line) on February 07 and 15, which was a strong Resistance. Now once the Lower Highs break, I expect the price to start filling the gaps on the Fibonacci retracement levels, where interestingly enough, is where the major Resistance Clusters are. I give strong probabilities to an upward break-out because the 1D RSI has been on Higher Highs as opposed to the Lower Highs of the price, indicating a Bullish Divergence. My short-term target after the break-out is 0.3500, which is slightly below the 0.618 Fibonacci retracement level.
** Fundamental analysis **
The good news don't stop here. The IDEA project, to thank users for their support, will be launching a competition on KuCoin, giving away a reward pool of 360,000 IDEA! The competition is run on three Activity tiers with a 60000, 220000 and 80000 IDEA respectively and will run until February 28. You can find more info on the specifics of the Activities on Ideaology's website. But for sure you wouldn't want to miss this!
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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