LDO: Channel Up
Trade setup: Price is trading in a Channel Up. So far, rejected at $3 resistance but if it breaks through, price could rally to $4. Wait for price to 1) break above $3 or 2) pull back near $2 support for a swing entry in Uptrend.
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: Downtrend on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral).
Support and Resistance: Nearest Support Zone is $2.00, then $1.00. The nearest Resistance Zone is $3.30.
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: Downtrend on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral).
Support and Resistance: Nearest Support Zone is $2.00, then $1.00. The nearest Resistance Zone is $3.30.
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