$PUSS Market Analysis || MemeCoin || ToTheMoon

sagor1233 (79)TFC [mod]in Steem Alliance • 2 months ago (edited)

Green and White Illustrative Fishing Contest Banner (2).png

^{Created On Canva Pro}

Assalamu Alaikum Guys,

This chart represents PUSS/USD pair price action on SunSwap V2, on a 4-hour timeframe. From the information provided above, conducting a market analysis is presented accordingly.

The chart has given a very well-defined uptrend where the price respects an upward-slanting trendline. The momentum upward was so smooth, really characterized by a succession of higher lows and highs. Price just broke above a resistance level supply around $0.00246, retested the same level for support, furthered upward.

Key Levels

Support Levels:
$0.00165: This was a significant support during the earlier phase of the trend and could, therefore, be an important place for the bulls to defend in case the price corrects sharply.
$0.00203: Well, this also tended to provide short-term local support, and it is a place where buyers had previously stepped in to drive the price upwards.
$0.00246: This seems to be quite strong support at this moment following the recent breakout, which shows that the buyers are confident.

Resistance Levels:
$0.00292: Price is hovering just below this resistance level. A clean breakout from here could set up the next leg of the uptrend.
$0.00329: Potential next target for bulls once this resistance of $0.00292 is breached.

Although volume data is unavailable, the price action indicates strong bullish momentum. The vertical rise in the price after breaking $0.00203 demonstrates the presence of buyers. If this momentum sustains we might experience further upside. This will be particularly so if the $0.00292 level breaks.

The market is strongly uptrending, and buyers are defending key support levels while breaking resistances. Moving above $0.00292 can trigger the move up to $0.00329, and inability to support $0.00246 might set the price for a deeper correction. Traders may confirm breakouts or retests of supports to enter/exit their positions.