💹 Let's go ahead and review the GNS coin, which is similar to dydx for decentralized exchanges, and analyze the entry triggers. Additionally, let's become more informed about this type of exchanges.
🌟 Channel Milestone: 500 Followers:
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🕰️ Weekly Analysis:
In the weekly timeframe, we don't have much data due to the coin being recently listed. Personally, I prefer to trade coins that have been listed for over 100 weeks as they have established their real value and are less likely to exhibit the irrational movements seen shortly after listing.
Currently, we have reached a crucial support level at $3.039, which we last touched about 33 weeks ago. The previous weekly candle was green and strong, but it closed with significant selling pressure and volume. If this week's candle closes below the $3.039 support, further decline is likely. Additionally, if the weekly RSI drops below 34.75, it will confirm the bearish trend for us.
🕵️♂️ Daily Analysis:
In the daily timeframe, after being rejected from $6.860 and losing supports at $5.353 and $4.381, the price has been ranging between $3.576 and $2.983. Given the time spent in this range, we can consider taking positions upon a breakout in either direction.
If the price breaks below the range, it will be the last support before anticipating a new trend formation. Conversely, breaking above the $3.576 resistance could indicate the formation of an accumulation zone, potentially leading to an upward trend.
⏳ Four-Hour Analysis:
In the four-hour timeframe, the chart shows some erratic movements due to recent events affecting this coin, with several meaningless pumps and dumps. However, since the coin is at a critical support level, it remains on our watchlist.
📈 For a short position, you can enter after a break below $2.971 in this timeframe or higher ones. Ensure to set a logical stop loss, around $3.147, given the importance of this weekly support and its potential for irrational volatility.
📉 For a long position, there is no significant reason in my strategy to go long on this chart at the moment. Even if there's a whale movement, it doesn’t hold importance; we can simply enjoy the crypto scenery.
📚 Project Review:
Currently, there are no triggers for buying this coin. We will wait for a reaction to this support and update the analysis if a trigger appears. In the meantime, study the GNS project.
🔑 Key Support and Resistance Levels:
Supports: $2.564, $2.113
Resistances: $3.657, $4.381
🏦 Decentralized Exchanges and GNS:
Let’s discuss these types of projects like DYDX. These projects provide us with decentralized exchanges based on blockchain, unlike centralized exchanges like Binance, which have issues such as KYC and taxes. We can trade on decentralized exchanges like DYDX and GNS using a wallet, managing the exchange ourselves, and setting our own buy and sell walls.
💡 These decentralized exchanges currently face challenges, including lower volume and higher fees due to their newness. I'm not suggesting switching to these exchanges right away, but learning how to use them as a Plan B is prudent, especially during bull markets where central exchanges might face issues.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
🌟 Channel Milestone: 500 Followers:
Thank you all for helping this channel reach 500 followers! Our next goal is 1,000 followers! Let's keep growing together!
🕰️ Weekly Analysis:
In the weekly timeframe, we don't have much data due to the coin being recently listed. Personally, I prefer to trade coins that have been listed for over 100 weeks as they have established their real value and are less likely to exhibit the irrational movements seen shortly after listing.
Currently, we have reached a crucial support level at $3.039, which we last touched about 33 weeks ago. The previous weekly candle was green and strong, but it closed with significant selling pressure and volume. If this week's candle closes below the $3.039 support, further decline is likely. Additionally, if the weekly RSI drops below 34.75, it will confirm the bearish trend for us.
🕵️♂️ Daily Analysis:
In the daily timeframe, after being rejected from $6.860 and losing supports at $5.353 and $4.381, the price has been ranging between $3.576 and $2.983. Given the time spent in this range, we can consider taking positions upon a breakout in either direction.
If the price breaks below the range, it will be the last support before anticipating a new trend formation. Conversely, breaking above the $3.576 resistance could indicate the formation of an accumulation zone, potentially leading to an upward trend.
⏳ Four-Hour Analysis:
In the four-hour timeframe, the chart shows some erratic movements due to recent events affecting this coin, with several meaningless pumps and dumps. However, since the coin is at a critical support level, it remains on our watchlist.
📈 For a short position, you can enter after a break below $2.971 in this timeframe or higher ones. Ensure to set a logical stop loss, around $3.147, given the importance of this weekly support and its potential for irrational volatility.
📉 For a long position, there is no significant reason in my strategy to go long on this chart at the moment. Even if there's a whale movement, it doesn’t hold importance; we can simply enjoy the crypto scenery.
📚 Project Review:
Currently, there are no triggers for buying this coin. We will wait for a reaction to this support and update the analysis if a trigger appears. In the meantime, study the GNS project.
🔑 Key Support and Resistance Levels:
Supports: $2.564, $2.113
Resistances: $3.657, $4.381
🏦 Decentralized Exchanges and GNS:
Let’s discuss these types of projects like DYDX. These projects provide us with decentralized exchanges based on blockchain, unlike centralized exchanges like Binance, which have issues such as KYC and taxes. We can trade on decentralized exchanges like DYDX and GNS using a wallet, managing the exchange ourselves, and setting our own buy and sell walls.
💡 These decentralized exchanges currently face challenges, including lower volume and higher fees due to their newness. I'm not suggesting switching to these exchanges right away, but learning how to use them as a Plan B is prudent, especially during bull markets where central exchanges might face issues.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
