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DATA-091024

DATA-091024

Direction
Long
Published
October 9, 2024
Status
Token

DATA

Trigger
Support/Resistance
Type
Trade Strategy
Updated

About + Tokenomics

CoinMarketCap Rank
609
Market Cap
38.9M
Volume 24h
1.74M
Total Supply
1.13B
Circulating Supply
1.07B
Chain
Ethereum

Chart Analysis

I posted a trade setup at the end of September; however, we did not get our entry because DATA was rejected at the 0.046 resistance. I still think this is the perfect future entry, but DATA also offers intermediate trade setups.

Since hitting the bottom in August, DATA has reversed and entered an uptrend. Driven by last Monday's correction, the token bounced off the trendline.

Technical Indicators

  • MACD: Bearish 🔴
  • RSI: Neutral 🟢
  • VMA: Bearish 🔴
  • Triple EMA: Price trades above all EMAs 🔴
  • ADX: 17, indicating no trend 🔴

Chart

image

Trade Setup

Intermediate Setup

While there is a chance of another trendline test, DATA should move toward the 0.046 resistance mid-term again—resulting in a ~20% profit potential (based on the current price). The stop loss should be slightly below the trendline, giving us a risk/reward ratio of ~3.

Playing it Safe

Waiting for a break above the 0.046 resistance and confirmation is a safer but not immediate play. Once this happens, we should see a strong move towards 0.06 and 0.08, resulting in a 33% resp. 68% profit potential.

Important: The technical indictors do not favor a trade yet. Make sure to check them before entering!

Links

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