WOOUSDT is creating the Pennant WOOUSDT is exhibiting a pennant, which is forming above a 4-hour demand zone.
The pennant pattern typically represents a temporary consolidation phase before a potential continuation of the previous uptrend.
Market participants are showing a strong interest in testing the $0.20 area, which coincides with a significant daily support level. This level has historically proven to be a crucial support zone for the price of WOOUSDT, attracting buyers and potentially triggering further bullish momentum if successfully tested.
However, if the price fails to sustain the pennant formation and breaks below it, we could expect a retest of the 4-hour demand zone around the $0.21 area. This zone has previously acted as support and could potentially act as a support level again in the event of a breakdown.
Should the market lose the daily support level at $0.20, the next significant area to watch for potential downward movement is around $0.18. Breaking below this level could signal a shift in market sentiment, potentially leading to further selling pressure.
Considering Plancton's rules, which may include the analysis of chart patterns, support and resistance levels, and market dynamics, a new short position could be considered if the price breaks below the pennant formation or if the daily support at $0.20 is violated.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <= 1h structure.
Follow the Shrimp 🦐
