๐Unlocking Potential: C98 Analysis in Weekly Timeframe๐
๐Today, we delve into the analysis of C98 cryptocurrency, which has been consolidating within a 600-day box range from 0.1248 to 0.439 on the weekly timeframe, yet to break out.
๐C98 is among the market's potential gems, boasting a highly practical DeFi project, signaling promising growth prospects during the bull run.
๐ฅWhile the RSI oscillator indicates a downward momentum by breaking the 50 line, a golden cross between SMA25 and SMA99 presents a robust bullish signal, offering an attractive entry point for this asset.
โก๏ธHowever, solely relying on indicators and oscillators is not prudent; confirmation from price action and candlesticks is crucial. As we reached 0.439, a significant decrease in volume suggests traders' reluctance to breach this level, resulting in a 40% correction.
๐For buyers, patience is key to observe the direction of price movement. In case of further correction, waiting for confirmation between 0.2 to 0.236 could be prudent. Conversely, a move towards 0.439 requires confirmation with a close above this level for a comfortable buying opportunity.
๐Regarding targets, given the project's promising utility, it's advisable to wait for the all-time high (ATH) before making significant decisions.
๐ง ๐ผIt's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2
๐C98 is among the market's potential gems, boasting a highly practical DeFi project, signaling promising growth prospects during the bull run.
๐ฅWhile the RSI oscillator indicates a downward momentum by breaking the 50 line, a golden cross between SMA25 and SMA99 presents a robust bullish signal, offering an attractive entry point for this asset.
โก๏ธHowever, solely relying on indicators and oscillators is not prudent; confirmation from price action and candlesticks is crucial. As we reached 0.439, a significant decrease in volume suggests traders' reluctance to breach this level, resulting in a 40% correction.
๐For buyers, patience is key to observe the direction of price movement. In case of further correction, waiting for confirmation between 0.2 to 0.236 could be prudent. Conversely, a move towards 0.439 requires confirmation with a close above this level for a comfortable buying opportunity.
๐Regarding targets, given the project's promising utility, it's advisable to wait for the all-time high (ATH) before making significant decisions.
๐ง ๐ผIt's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2