Hello Binance Square family! š
Let's delve into the weekly analysis of NEOUSDT, where technical patterns suggest a promising upward trajectory.
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š Current Market Snapshot
Current Price: $7.15
24H Range: $6.40 ā $6.80
Trend: Bullish momentum with recent breakout
Key Support: $6.40 ā $6.80
Key Resistance: $8.10 ā $8.50
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š Technical Overview
NEOUSDT is currently exhibiting a bullish trend on the weekly timeframe. The price has recently broken above the resistance level of $6.40 and is now retesting the $6.40ā$6.80 zone. This retest could serve as a potential long setup if the support holds. A break below this zone may signal a bearish trend with new lows possible.
Technical indicators such as the RSI and MACD support this bullish outlook, with the RSI approaching overbought territory and the MACD showing a bullish crossover.
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š Trade Setup
Entry Point: $6.75
Stop-Loss: $6.40
Take-Profit Targets:
šÆ TP1: $7.50
šÆ TP2: $8.00
šÆ TP3: $8.50
šÆ TP4: $9.00
šÆ TP5: $9.50
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ā ļø Risk Management
Risk-Reward Ratio: Approximately 1:2
Position Sizing: Consider allocating 1ā2% of your portfolio to this trade.
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š Final Thoughts
The recent breakout above $6.40 suggests that NEOUSDT may be poised for further gains. Traders should monitor the price action closely, especially around the support zone of $6.40ā$6.80. A sustained move above this level could confirm the bullish trend and open the path to higher targets.
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Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.
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