#REZ appears to be forming a “Cup and Handle” pattern after a prolonged prior downtrend.
Currently, REZ is trading near 0.004249 $ and its overall structure is beginning to show signs of a possible bullish reversal. The rounded base appears to have been completed, and the price may now be developing the “handle” before a possible new upward move.
For this bullish setup to gain strength, REZ must hold above the support zone between 0.0038 $ and $0.0036, which also coincides with the 200-day moving average and an ascending trendline.
If REZ manages to hold in this zone and breaks strongly above the 0.0050 $ to $0.0055 range, the bullish scenario will become much clearer. The next upside levels I’m watching are between 0.0060 $ and $0.0070; if momentum continues, the $0.0090 $ to $0.0100 levels could come into play.
On the other hand, if REZ fails to hold the $0.0036 support, the bullish structure will weaken and the price could pull back toward $0.0032. Losing that level would put the overall reversal setup at risk.
Key levels:
Support: $0.0038 $ – $0.0036
Breakout / Confirmation: Above $0.0050 $ – $0.0055
Targets: $0.0060 $ – $0.0070, followed by $0.0090 $ – $0.0100
Invalidation: Below $0.0032
For now, this could be a developing “Cup and Handle” formation; however, the bulls still need to defend the support zone and confirm a breakout above $0.0055 $ for the larger-scale upward move to become more convincing.
#REZ #Binance #BinanceSquareFamily