MOVEUSD 12/19/2024MOVEUSD 1HR Chart Analysis
Overview:
• Listing: Recently added to Coinbase last week.
• Initial Trend: Price immediately entered a downtrend but found a floor by the end of the week.
Pattern Formation:
• After establishing a floor, the price moved sideways, forming an Accumulation Phase.
• Breakout Confirmation:
o Yesterday: A spike in volume led to a breakout from the sideways range, confirming the accumulation phase.
o Today: Price remains above the resistance level it broke out from, pulling back to the 10-day EMA for support.
o The MACD remains above its signal in bullish territory, indicating sustained bullish momentum.
Trade Setup:
• Entry: $0.7272
• Stop-Loss: $0.6530 (-10.20%)
• Target: $1.0233 (+40.72%, 3.99 RR Ratio)
Summary:
MOVEUSD demonstrates strong bullish momentum after breaking out of its accumulation phase. The price's support at the 10-day EMA and the bullish MACD signal offer a favorable opportunity for a long trade setup.
