Take a closer look at $GRIMACE right now
Short-term local forecast
This trading idea is based on a commonly observed behavior of meme coins. After an initial surge, the coin tends to consolidate for a few weeks, undergoing redistribution and position accumulation. Here are some arguments in favor of the asset's potential growth towards the first target ($10):
Referring to the basics of technical analysis:
Short-term local forecast
This trading idea is based on a commonly observed behavior of meme coins. After an initial surge, the coin tends to consolidate for a few weeks, undergoing redistribution and position accumulation. Here are some arguments in favor of the asset's potential growth towards the first target ($10):
- After trading in a deep discount zone, significant players start accumulating positions. We can observe a gradual reduction in local liquidity from decreasing lows.
Referring to the basics of technical analysis:
- A Wyckoff pattern is apparent, with an UpThrust (UT) observed - a liquidity shakeout from the previous high. This forms new liquidity for further growth. Next, it is necessary to test the support in the form of an OB (Overbought) area. Here, a Spring will be formed - a local liquidity shakeout before mark-up. It is characterized by lower volumes, and the decrease to the specified values may take some time.
- Local reverse bull divergence and direct bear divergence in local highs indicate buyer weakness, providing another argument in favor of a short-term asset devaluation.