Situation
The $OPEN token is currently trading at $1.0539 after a strong bullish move that saw its price increase by over 16% in the last 24 hours. The chart shows a clear uptrend, with the price forming a series of higher lows and higher highs. The token has recently pulled back from its 24-hour high of $1.1673 and is now consolidating, which can be a healthy sign before the next leg up.
Possible Scenarios
Continuation of the Uptrend: If the current support holds and buying pressure resumes, the price could re-test the recent high of $1.1673 and potentially move toward higher targets.
Minor Retracement: A deeper pullback to test the support level around $1.0000 is also a possibility, which would offer a better entry point for traders who missed the initial surge.
Proposed Trading Plan
Entry Zone: $1.0200 - $1.0400 (Awaiting a small pullback from the current price for a more favorable entry).
Stop Loss (SL): $0.9800 (Placing a stop-loss below the recent key support level to protect against a trend reversal).
Take Profit (TP) Targets and Risk-Reward Ratio (RR)
TP1: $1.1500 → RR ≈ 2.0
TP2: $1.2500 → RR ≈ 3.5
TP3: $1.3500 → RR ≈ 5.0