EGLDUSDT is currently in a critical phase as the market tests the lower trendline of the weekly descending channel. Additionally, it is also testing the monthly support level, adding to the significance of this price zone. T
To witness a breakout from the current situation, it is crucial for the price of EGLDUSDT to be supported by substantial trading volume. This increased volume would indicate heightened market participation and interest, potentially leading to a bullish move.
Specifically, the daily support area around $32.50 is an important level to watch. If the market manages to gather enough volume and buyers step in to push the price above this support level, it could trigger a potential breakout. This breakout would not only provide a short-term positive signal but also align with the trading principles advocated by Plancton,
Traders following Plancton's rules would likely consider entering new long positions if the market satisfies the necessary criteria for a breakout from the aforementioned daily support area. This could signal the start of a potentially bullish phase, with the market aiming to reverse the downward trend and potentially retest higher resistance levels.
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Follow the Shrimp 🦐
Keep in mind.
To witness a breakout from the current situation, it is crucial for the price of EGLDUSDT to be supported by substantial trading volume. This increased volume would indicate heightened market participation and interest, potentially leading to a bullish move.
Specifically, the daily support area around $32.50 is an important level to watch. If the market manages to gather enough volume and buyers step in to push the price above this support level, it could trigger a potential breakout. This breakout would not only provide a short-term positive signal but also align with the trading principles advocated by Plancton,
Traders following Plancton's rules would likely consider entering new long positions if the market satisfies the necessary criteria for a breakout from the aforementioned daily support area. This could signal the start of a potentially bullish phase, with the market aiming to reverse the downward trend and potentially retest higher resistance levels.
–––––
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.
Note
10% testing the key level nowNote
20% Note
20% and new leg soon?Note
20% new breakout soon?
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.