After a deep correction, Chainbase price shows signs of recovery, currently trading around $0.3017 after bouncing from the recent low. Buyers have started to show signs of a comeback, but to confirm the bullish trend, the price needs to break through some important resistance levels.
Resistance areas to watch
1️⃣ $0.3230 - 99 moving average resistance area, representing a 'defined trend' zone on the four-hour frame. This is the first level buyers need to break to start a new bullish trend.
2️⃣ $0.3550 - Previous swing high before price rejection. Breaking this level will boost market confidence.
3️⃣ $0.4200 - Strong supply area from the previous bullish trend, likely to see profit-taking pressure when the price returns.
🛡️ Important support zones
1️⃣ $0.2890 - 25-hour moving average zone acting as short-term support. If it holds, the price may continue to test the resistance level above.
2️⃣ $0.2670 - Recently recorded weekly low. Losing this level will significantly weaken market sentiment.
3️⃣ $0.2300 - 'The last stronghold' for buyers. If broken, the medium-term bullish structure will be compromised.
📊 Trading Perspective:
Currently, the priority is to monitor the price reaction at the $0.3230 area. Only when the four-hour candle closes above this level will the bullish trend be clearly confirmed, opening opportunities to move towards higher targets. Until then, the logical strategy is to exercise caution and closely monitor events. @Chainbase Official #Chainbase
⚔️ Summary: Bulls are back in the arena, but the 'real battle' has not started yet.
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