Currency Trading Strategy $SXT – Potential Price Explosion Coming
Technical Analysis on 4-Hour Timeframe:
1. Bollinger Band: The price has breached the upper band after a long period of consolidation, indicating a potential price explosion coming upwards.
2. RSI Indicator (Relative Strength Index): The RSI has reached a level of 75, indicating strong buying momentum. If no correction occurs soon, we may witness an additional price surge.
3. Moving Average (MA): The price is currently above MA5 and MA10, signaling the continuation of the upward trend.
Entry and Stop Points:
Entry: 0.153 – 0.158 USDT
Stop Loss: 0.141 USDT (below the support area and average)
Profit Targets:
Target 1: 0.175 USDT
Target 2: 0.198 USDT
Stay updated on news regarding the currency, as it is part of Square's projects and may see increased activity.