The image shows a technical analysis for the NIL / USDT (Perpetual contracts) on TradingView with a daily timeframe (1D). Here is a detailed analysis of the image
Components of the analysis in the image:
Current price:
Current price of the coin: 0.4074 USDT
Daily increase of +5.49%
Technical pattern drawn
Upward sloping support line (green dotted line) indicating an ascending triangle or ascending wedge
The price bounces off this line multiple times, reinforcing the strength of support.
The blue arrow and green area:
The arrow indicates a strong bullish movement expectation.
Price target: around 0.6934 USDT (an increase of 0.2860).
Expected increase percentage: +70.02%
Technical indicators are not visible:
There is no MACD or RSI or volume indicators, so the analysis relies solely on price and price structure.
What can be inferred from this analysis:
✅ Positives:
The price has respected the sloping support line since April, indicating an accumulation.
The technical expectation of a 70% rise depends on breaking a horizontal resistance after the pattern breakout.
The shape of the pattern is closer to an ascending triangle, which is typically a bullish pattern.
⚠️ Warnings:
Any break of the lower support line (0.40 or below) may invalidate this pattern and lead to a sharp decline.
No other confirmations like volume or supporting technical indicators.
The general market may also strongly influence the movement.
Summary:
The price is at a critical point (near the sloping support).
If the price rises above 0.45 - 0.50 with good trading volumes, the technical target at 0.69 - 0.70 USDT may be achieved.
If it breaks 0.38 – 0.40, we might see another decline.
