🚨 C/USDT: Chainbase at a Crossroads! Bullish Recovery or Continued Downtrend?

Market Outlook: Chainbase ($C) has been in a prolonged downtrend since its peak in mid-July, but recent price action suggests a potential shift. The price is currently hovering around $0.197, showing signs of consolidation. Technical analysis suggests that buyers are attempting to defend a critical support zone, while sellers are applying downward pressure.

💡 Futures Trading Plan (Neutral Stance):

🟩 Long Entry Trigger: Look for a confirmed breakout and candle close ABOVE the resistance level of $0.220 on a higher timeframe (e.g., 4H or Daily) with significant volume. This breakout would signal a shift in momentum and a likely trend reversal.

💰Targets: $0.250, $0.280, and potentially towards $0.300.

🛑Stop Loss: Below the breakout candle's low or below the immediate support at $0.190.

🟥 Short Entry Trigger: Consider a short if the price breaks BELOW the crucial support level around $0.190 with a closing candle on a higher timeframe. This would indicate a continuation of the downtrend towards new lows.

💰Targets: $0.170, $0.153 (all-time low), and potentially lower.

🛑Stop Loss: Above the resistance zone at $0.200.

Your Action Plan:

01 - Wait for Confirmation: C/USDT is at a critical juncture. The recent price action is highly volatile and could swing in either direction. Patience is crucial to wait for a clear, high-volume signal before committing capital.

02 - Use a Stop-Loss: Given the asset's history of volatility, a stop-loss is essential for managing risk and protecting your capital.

03 - Manage Your Risk: Do not over-leverage your position. Assess your risk tolerance and size your trades accordingly, especially in the futures market.

📢 What are your thoughts?

Vote: Do you think C will break out of its consolidation and push higher, or will it be rejected and continue to fall?

Breakout and Rally 🚀

Rejection and Decline 📉

Comment: Share your analysis below!