Published 14 hours ago
The S.S. Lazio Fan Token completes a one-year-long cup and handle pattern with a breakout of $8.15 resistance. This bullish breakout offers an entry opportunity for interested fans. However, is it safe to buy this token now?
Key Points:
- A cup and handle pattern govern the S.S. Lazio Fan Token price action
- High volume retest threatens a fake breakout scenario
- The 24-hour trading volume in the S.S. Lazio Fan Token coin is $264.5 Million, indicating a 194% gain.
Source-Tradingview
However, on November 15th, the S.S. Lazio Fan Token price gave a bullish breakout from this $8.15 barrier. This breakout indicates the buyers are ready to take trend control as they also get a long entry opportunity.
Having said that, the altcoin is in a retest phase today and shows a higher volume than the breakout candle. Moreover, the coin price currently trades at $8.19, and the long-wick rejection attached to the daily candle shows the sellers have not thrown the towel yet.
Thus, interested traders must wait for price sustainability above the $8.15 mark before entering the market. As per the technical setup, the possible target for this pattern is the same vertical distance from the bottom support to the neckline, released from the breakout point.
Thus, with the favorable bullish scenario, the post-retest rally should rise 81.3% to reach $14.8. However, this potential rally could face an in-between resistance of $11.28 before hitting its target.
On a contrary note, if the S.S. Lazio Fan Token price gave a daily candle closing below $8.15 before the weekends, it will invalidate the bullish thesis. Furthermore, since the breakout candle closing was near the wick rejection of many failed attempts, this breakout threatens to be fake.
Technical Indicator
RSI: The daily RSI slope jumps above the neutral zone, indicating the market sentiment bolsters the bullish theory.
EMAs: A positive alignment in crucial EMAs(20, 50, 100, and 200) reflects a strong uptrend.
S.S. Lazio Fan Token intraday price levels
- Spot price: $8.19
- Trend: Bearish
- Volatility: High
- Resistance level- $10 and $11.2
- Support level- $8.15 and $6.6
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/bullish-pattern-sets-s-s-lazio-fan-token-on-bull-ride-to-14-8/