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Phemex Analysis #33: Phemex Token Shows Strong Bullish Reversal!PHEMEX:PTUSDT.P (PT) reached a new all-time high of $1.45 on September 27th, 2024. However, a subsequent decline in Bitcoin's price dragged PT down to $1.12. Recently, PT has exhibited two strong bullish reversal signals: (I) Higher Low Formation: On October 23rd, PT formed a higher low at $1.18, coupled with a rising Relative Strength Index (RSI), indicating increased buying pressure. (II) Higher High Formation: On October 29th, PT created a higher high at $1.35, accompanied by a higher RSI, confirming the bullish momentum. These signals suggest that PT has established a solid support level around $1.15 and has successfully broken through the $1.33 resistance. Possible Scenarios 1. Bullish Breakout: If PT can break above the recent high of $1.45, it could signal further upside potential. Strong buying pressure and positive sentiment could propel the price to new all-time highs. 2. Range-Bound Trading: PT might encounter resistance at the previous all-time high of $1.45, as some traders may take short-term profits at this level. The price may then retrace back to the $1.15 support level, resulting in a period of range-bound trading between $1.45 and $1.15. This consolidation phase can provide an opportunity for investors to utilize range-bound trading strategies or accumulate PT at a relatively lower price. 3. Bearish Reversal (Less Likely): While less likely, a breakdown below the $1.15 support level could signal a bearish reversal. However, considering the overall bullish market sentiment and Phemex's promising future, a significant bearish reversal seems unlikely. If a bearish reversal occurs, long-term bullish investors may consider buying the dip at support levels like $1.10 or $1.06. Conclusion Phemex Token's recent bullish reversal signals indicate a strong upward trend. However, it's essential to remain cautious and monitor market developments closely. By understanding the potential scenarios and implementing effective trading strategies, investors can capitalize on the opportunities presented by PT's bullish momentum.
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Phemex Analysis #24: The UXLINK Rocket Takes Off!!PHEMEX:UXLINKUSDT.P has been on a scorching hot streak, skyrocketing from a modest $0.28 to a staggering $0.74 in just a few days. While there was a brief pullback, the token quickly regained its momentum, suggesting a strong underlying bullish sentiment. Is UXLINK Bound for New Heights? The big question on everyone's mind is: Will UXLINK continue its upward trajectory and break its all-time high? Or has the rally lost steam? Let's dive into the technical analysis to shed some light on this. Key Price Levels to Watch: 1. Breakout: The recent breakout above the $0.68 resistance level is a significant bullish signal. It suggests that buyers have overcome a key obstacle and are driving the price higher. 2. Next Hurdles: The immediate resistance levels to watch are $0.71 and $0.74. If UXLINK can break through these levels, it could signal further upside potential. 3. Potential Pullback: A short-term pullback after the breakout could offer a buying opportunity for those who missed out on the initial rally. However, it's important to monitor volume and other technical indicators to ensure that the pullback is healthy and not a sign of a reversal. 4. Strong Selling Pressure: Be cautious of potential selling pressure at the $0.71 resistance level. This level has historically been a significant hurdle for UXLINK, so it's possible that sellers may try to defend it. Watch for volume and RSI indicators to gauge the strength of the move. If volume is high and RSI is oversold, it could suggest that buyers are still in control. 5. Support Level: If UXLINK fails to break through $0.71, it could find support around the $0.51 area. This level has been a previous support area, and it's possible that buyers may step in to defend it if the price falls. BTC's Influence: Remember, the broader crypto market, especially Bitcoin, can significantly impact altcoins like UXLINK. If Bitcoin embarks on a bullish run, it could further fuel UXLINK's rally. Conversely, if Bitcoin experiences a correction, it could put downward pressure on UXLINK. TIPS: Don't Forget About PULSE! While UXLINK and FARCASTER are making waves in the SocialFi space, don't overlook PULSE. As the first SocialFi token backed by a top-tier crypto exchange, PULSE has immense potential for growth. And the best part? You can earn PULSE tokens for free by participating in community events, creating groups, and sharing quality content. Check out PULSE today and discover the hidden gem that could deliver 100x gains. Disclaimer: This is NOT financial or investment advice. Please conduct your own research (DYOR). Phemex is not responsible, directly or indirectly, for any damage or loss incurred or claimed to be caused by or in association with the use of or reliance on any content, goods, or services mentioned in this article.
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Phemex Anaylsis #3: ETH Price Tumbles & Key Support Levels.The price of Ethereum (ETH) experienced a significant decline today, breaching the previously strong support zone at $2,850 . This price movement indicates a potential shift in the market sentiment. Traders are now closely watching the next support level at $2,250 . This zone is considered historically significant and could offer some stability to the price. However, if the selling pressure persists and ETH breaks below $2,250, the next potential support level to watch would be around $2,000 . It's crucial to exercise caution while trading in such volatile market conditions. While there might be opportunities for profit, the risks are equally substantial. Consider using Low Leverage & Stop Loss to manage risk effectively during this period of uncertainty. Note: Phemex had Launch IceBerg order to help you Enter with minimum slippage. Be sure to check it out! Disclaimer: This is NOT financial or investment advice. Please conduct your own research (DYOR). Phemex is not responsible, directly or indirectly, for any damage or loss incurred or claimed to be caused by or in association with the use of or reliance on any content, goods, or services mentioned in this article.
by Phemex
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BNBUSDT One last flush possible before recovering*** *** For this particular analysis on the BINANCE COIN we are using the BNBUSDT symbol on the Phemex exchange. *** *** The idea is on the 4H time-frame where BNB is consolidating following the strong selling of the past 3 days. We are below the 4H MA50 (blue trend-line) and the 4H RSI recovering from a deep collapse below the 20.00 highly oversold levels. The last time we saw the exact same sequence on these indicators was during the early May sell-off. If the market is following that pattern, then we are at the short consolidation before the final collapse to the -0.5 Fibonacci extension level. That is currently around 151.75. Traders may sell this with a tight SL on today's High or wait for a buy on the -0.5 Fib, unless the 4H MA50 breaks first. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
Short
by TradingShot
4
ATOMUSD Divergence on RSI but trade on confirmation*** *** For this particular analysis on COSMOS we are using the ATOMUSDT symbol on the Phemex exchange. *** *** The idea is on the 1D time-frame where Cosmos has been trading under a Lower Highs trend-line since April 03 2022 and the 1D MA50 (blue trend-line) since April 06. The trend remains bearish towards the next Fibonacci levels (2.5 at 6.163 and 3.0 at 4.146) unless the price breaks above the 1D MA50. With the 1D RSI on Higher Lows while the price has been on Lower Lows, i.e. on a Bullish Divergence, it might be the time for that bullish break-out above the 1D MA50, being a similar structure as Nov 20 - Dec 20 2021. In the event of a 1D candle close above the 1D MA50, ATOM should target on the medium-term the 1D MA200 (orange trend-line) which right now sits exactly on the Lower Highs trend-line (dashed line) of the January 17 2022 High. A closing above the 1D MA200 would set the price on long-term bullish territory again. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
by TradingShot
3
MANAUSDT Bearish unless this level breaks*** *** For this particular analysis on DECENTRALAND we are using the MANAUSDT symbol on the Phemex exchange. *** *** The idea is on the 4H time-frame where Mana has been trading within a Channel Down since the May 14 High. That is still a Lower High within the general bearish trend and the Channel Down keeps it that way. There is a level, which if broken, we'll most likely get a long-term bullish reversal and that is the 1.13900 Resistance. This is because the current Channel Down, both on price and 4H RSI terms, resembles the pattern of February. As you see that Channel Down failed to break the Resistance level formed by the Lower High, and that discouraged buyers from accumulating, hence forcing the coin to a new round of selling. So unless that Resistance breaks, Decentraland will most likely make new Lower Lows and Lower Highs. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
by TradingShot
3
SOLUSDT Sideways at best, bearish if this level breaks.*** *** For this particular analysis on SOLANA we are using the SOLUSDT symbol on the Phemex exchange. *** *** The idea is on the 1D time-frame where the 1D RSI broke into the heavy oversold zone, which last revisited back in late January 2022. The price then entered a long-term consolidation, trading sideways until the 1D MA50 (blue trend-line) broke but still got rejected on the 1D MA200 (orange trend-line). It was that rejection that brought us to where we are today. It is therefore possible to see a similar monthly sideways trade. However, if yesterday's low breaks, the long-term Channel Up that has been in effect since Solana's All Time High, will break and should push the price towards the lower Fibonacci extensions. In that case, the targets will be the 2.0 Fibonacci extension around 24.720 and the 2.236 extension around 18.725. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
by TradingShot
5
ETHUSDT Channel patterns with clear Resistance levels.*** *** For this unique analysis on ETHEREUM we are using the ETHUSDT symbol on the Phemex exchange. *** *** The idea is on the 1D time-frame, with the RSI being on the 1W for reasons we'll explain later. As you see, the dominant pattern since the January 24 market bottom, has been a Channel Up. Since the April 03 Higher High, the corrective wave towards the Channel's bottom, has turned into a Channel Down (yellow pattern). Right now this pattern has come to its closest to the Channel Up Higher Lows (bottom) trend-line since February 24. The price has to overcome the Resistance levels of the 1D MA50 (blue trend-line) and the 1D MA200 (orange trend-line) but the current trading level appears to be the best buy opportunity since March 13. Technically, the next Higher High could be on the 0.618 Fibonacci retracement zone since Ethereum's All Time High (ATH). Interestingly enough, the previous two Higher Highs have been just above the 0.382 an 0.5 Fib retracement levels, so 0.618 as the next Higher High comes as a natural progression. Notice how the application of the Fibonacci Channel extension levels, charts perfectly a path to the ATH, which can be on the 1.5 Channel Fib extension. Another interesting aspect, is how similar the current sequence on the RSI (1W time-frame as mentioned) is with the pattern of September 2021. That fractal was also a Channel Down corrective wave and when the 1W RSI bounced on its MA (yellow trend-line on the bottom pane), the price started an aggressive rally. We are expecting a similar development, unless the Channel Up breaks below its Higher Lows. In that case, we could see a test of the 2166 Support level. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
Long
by TradingShot
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