BASEDAI/USD Range Breakout & RetestVery simple HTF trade idea on BasedAI
- Accumulate in a range for 150+ days
- Break the range (Weekly Close above)
- Re-enter the range toward the mid point (discount)
- Hold that mid range as support
- Reclaim the top of the range
- Continuation to Monthly Resistance Levels
Note: Based Labs is releasing a L1 Mainnet called Based in November 2024; BasedAI is the ERC20 version of this token. To my understanding the existing BasedAI will be bridged over to the L1 on launch. Because of these factors it is difficult to determine the tokenomics & exactly how the interconnectedness of the two tokens will play out
If this trade plays out as I've layed out, I expect the Monthly Resistance Levels to be cut through like butter. My target for Based is around 1B-2B market cap before February 2025, which based on the total supply of the ERC20 token BasedAI, price would be around $27 to $54
