Analysis of WXAL/Tether Pair on Gate.io (1D Timeframe)
The chart presents the price evolution of WXAL against Tether on the Gate.io exchange platform, observed on a daily timeframe.
Observations:
WXAL saw a robust rally previously, achieving an all-time high close to the $1.15 mark, after which a notable correction ensued, bringing the price down to the lows around $0.3104.
Fibonacci retracement levels are visibly marked, suggesting areas of potential resistance and support. The current price is hovering near the 0.236 level, approximately at $0.4667.
The asset seems to be in a downward trajectory, as demonstrated by the descending trendline. A significant bullish signal would entail a clear breakout above this trendline.
The Relative Strength Index (RSI) is in the neutral zone but shows a slight upward tendency, while the Moving Average Convergence Divergence (MACD) illustrates a bullish crossover, signaling potential upside momentum.
Short-Term (Scalp) Targets:
The immediate resistance is observed at the 0.236 Fibonacci level ($0.4667). Should the price surpass this, it could then target the 0.382 level ($0.5442), followed by the 0.5 level ($0.6151).
Long-Term Targets:
For a robust bullish trend to be confirmed, the asset would need to break past its previous all-time high near $1.15. Beyond this peak, potential new ATH targets using extended Fibonacci levels could be:
1.618 level, which might set the price around the $1.80 range.
2.618 level could elevate it to approximately $2.50.
3.618 level might position it closer to $3.20.
A sustained move above the descending trendline and a consistent stay above defined Fibonacci levels would hint towards these potential new ATHs.
Conclusion:
Investors and traders are advised to seek confirmation from both price action and technical indicators before making any financial decisions. Utilizing stop-loss measures to mitigate potential risks remains crucial.
Observations:
WXAL saw a robust rally previously, achieving an all-time high close to the $1.15 mark, after which a notable correction ensued, bringing the price down to the lows around $0.3104.
Fibonacci retracement levels are visibly marked, suggesting areas of potential resistance and support. The current price is hovering near the 0.236 level, approximately at $0.4667.
The asset seems to be in a downward trajectory, as demonstrated by the descending trendline. A significant bullish signal would entail a clear breakout above this trendline.
The Relative Strength Index (RSI) is in the neutral zone but shows a slight upward tendency, while the Moving Average Convergence Divergence (MACD) illustrates a bullish crossover, signaling potential upside momentum.
Short-Term (Scalp) Targets:
The immediate resistance is observed at the 0.236 Fibonacci level ($0.4667). Should the price surpass this, it could then target the 0.382 level ($0.5442), followed by the 0.5 level ($0.6151).
Long-Term Targets:
For a robust bullish trend to be confirmed, the asset would need to break past its previous all-time high near $1.15. Beyond this peak, potential new ATH targets using extended Fibonacci levels could be:
1.618 level, which might set the price around the $1.80 range.
2.618 level could elevate it to approximately $2.50.
3.618 level might position it closer to $3.20.
A sustained move above the descending trendline and a consistent stay above defined Fibonacci levels would hint towards these potential new ATHs.
Conclusion:
Investors and traders are advised to seek confirmation from both price action and technical indicators before making any financial decisions. Utilizing stop-loss measures to mitigate potential risks remains crucial.
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