Up 26.6% in $INIT 24 hours: the trend is strong, but chasing the rally may not feel comfortable
The latest completed daily candle broke upward, with trading volume clearly above the recent average. Prices then continued to climb, extending the bullish outlook. But prices have now fallen significantly from the day's high, with a wide trading range, and the move higher has been far from smooth.
Closes above both the short- and long-term moving averages continue to support the trend, but the price advance still needs confirmation from subsequent completed closes. If prices move back into the previous range, the breakout will be less convincing. Will the previous range's upper boundary become support, or will prices fall back inside the range?
Range of completed daily candles: 0.10511–0.16754. Whether the price can stay outside the range and whether trading volume continues are the two things to watch.
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Disclosure: This article participates in Plaza's content-mining program and may receive trading commissions and engagement rewards.
The latest completed daily candle broke upward, with trading volume clearly above the recent average. Prices then continued to climb, extending the bullish outlook. But prices have now fallen significantly from the day's high, with a wide trading range, and the move higher has been far from smooth.
Closes above both the short- and long-term moving averages continue to support the trend, but the price advance still needs confirmation from subsequent completed closes. If prices move back into the previous range, the breakout will be less convincing. Will the previous range's upper boundary become support, or will prices fall back inside the range?
Range of completed daily candles: 0.10511–0.16754. Whether the price can stay outside the range and whether trading volume continues are the two things to watch.
#MarketWatch
Disclosure: This article participates in Plaza's content-mining program and may receive trading commissions and engagement rewards.