After experiencing a sharp -12% correction from its recent highs above $0.035, $GUN is currently showing signs of forming a solid base around its 24-hour low of $0.03027. We're observing early green candles appearing on the chart, coupled with a notable shift in market sentiment, suggesting a potential bounce is on the horizon.
However, for a confirmed relief rally, we need to see a decisive break and sustain above the key resistance level of $0.03180, ideally backed by significant trading volume. This would indicate strong buying pressure and a potential trend reversal.
šÆ Key Levels to Watch:
* TP1 (Take Profit 1): $0.03150 - A short-term target as the initial upward momentum builds.
* TP2 (Take Profit 2): $0.03280 - A more substantial target if the bullish momentum continues and the breakout is confirmed.
ā ļø Risk Management (SL):
* SL (Stop Loss): Hold in spot & hold till near support. - This strategy suggests a higher risk tolerance for spot holders, implying confidence in the underlying support structure. Traders should carefully assess their individual risk appetite.
š Support & Breakout Zone:
* Strong Support: The crucial support level to monitor is $0.03010. Holding above this level is vital for the bullish narrative.
* Breakout Confirmation Zone: A sustained move above $0.03180 with accompanying volume will be the primary confirmation for a relief rally.
Market Context:
Keep an eye on broader market sentiment and any news related to the $GUN ecosystem, as these can significantly influence price action. Remember to always conduct your own research (DYOR) before making any trading decisions.
Let's see if $GUN can successfully reverse this downward trend and build upward momentum!