Technical Analysis Summary:
Elliott Wave Structure:
The chart suggests a 5-wave Elliott Wave bullish pattern.
Wave (1) is in progress, with an initial target around $1.28 (0.5 Fibonacci retracement).
Wave (3) could push toward the $1.79 - $2.13 range.
Wave (5) may extend to the $2.60+ area.
Ichimoku Cloud:
The price is testing the lower boundary of the Ichimoku Kumo cloud (resistance zone).
A breakout above the cloud would confirm a medium-to-long-term bullish trend.
RSI (14):
RSI is trending upward, currently at 55.56, showing bullish momentum.
There is still room for RSI to move into the overbought zone (>70), supporting further upside.
MACD:
MACD has crossed above the signal line, showing a bullish divergence and momentum shift.
Volume:
Trading volume is increasing, confirming buyer interest.
Long-Term Trading Strategy:
Entry Zone:
Accumulate in the $0.47 - $0.52 range (current price zone near Ichimoku support).
Alternatively, wait for a confirmed breakout above the Ichimoku cloud.
Take Profit Levels (TP):
TP1: $1.28 (completion of wave 1 at 0.5 Fibonacci retracement).
TP2: $1.79 - $2.13 (Fibonacci 0.618 - 0.786 target, likely wave 3).
TP3: $2.60+ (potential wave 5 extension).
Stop Loss (SL):
Set below $0.40, or under the recent swing low around $0.38.
Position Management:
Consider scaling out: 50% at TP1, 30% at TP2, 20% at TP3.
Trail your stop loss to breakeven after TP1 is hit to protect capital.
Additional Confirmation:
Watch for a clean breakout above the Ichimoku cloud.
Ensure RSI continues trending upward and MACD remains bullish.
Note:
This is a daily chart (D1) strategy targeting several weeks to months.
Adjust based on price action and overall market sentiment.
Elliott Wave Structure:
The chart suggests a 5-wave Elliott Wave bullish pattern.
Wave (1) is in progress, with an initial target around $1.28 (0.5 Fibonacci retracement).
Wave (3) could push toward the $1.79 - $2.13 range.
Wave (5) may extend to the $2.60+ area.
Ichimoku Cloud:
The price is testing the lower boundary of the Ichimoku Kumo cloud (resistance zone).
A breakout above the cloud would confirm a medium-to-long-term bullish trend.
RSI (14):
RSI is trending upward, currently at 55.56, showing bullish momentum.
There is still room for RSI to move into the overbought zone (>70), supporting further upside.
MACD:
MACD has crossed above the signal line, showing a bullish divergence and momentum shift.
Volume:
Trading volume is increasing, confirming buyer interest.
Long-Term Trading Strategy:
Entry Zone:
Accumulate in the $0.47 - $0.52 range (current price zone near Ichimoku support).
Alternatively, wait for a confirmed breakout above the Ichimoku cloud.
Take Profit Levels (TP):
TP1: $1.28 (completion of wave 1 at 0.5 Fibonacci retracement).
TP2: $1.79 - $2.13 (Fibonacci 0.618 - 0.786 target, likely wave 3).
TP3: $2.60+ (potential wave 5 extension).
Stop Loss (SL):
Set below $0.40, or under the recent swing low around $0.38.
Position Management:
Consider scaling out: 50% at TP1, 30% at TP2, 20% at TP3.
Trail your stop loss to breakeven after TP1 is hit to protect capital.
Additional Confirmation:
Watch for a clean breakout above the Ichimoku cloud.
Ensure RSI continues trending upward and MACD remains bullish.
Note:
This is a daily chart (D1) strategy targeting several weeks to months.
Adjust based on price action and overall market sentiment.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.