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alifer123

$ELDA Bull Case - Eye support retest + Upward breakouts

Long
ELDAUSDT SPOT (BYBIT:ELDAUSDT)  
alifer123  
BYBIT:ELDAUSDT   ELDAUSDT SPOT
Trend Analysis Chart Patterns Fibonacci
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trendanalysis chartpattern fibonacci
snapshot

Very interesting chart for $ELDA. Multiple retests of the support, with a very strong recent rejection (3x volume spike). The support is also extremely close to launch price.

RSI bearish divergencies seem to signal that the support will be tested again very soon.
Another bounce might very well lead to a breakout of the current pattern and a breakout of the 0.382 FIB resistance.

The chart seems very respectful of FIB levels, if there is an upwards breakout I would be looking as high as 0.618 FIB for TP.

Potential entries for me would be:
  • High R/R: Another bounce on the support
  • Lower R/R: Support bounce, then wait for upward breakout of trendline/resistance

RSI trendline breakout might act as leading signal, keep an eye on it.

Not investment advice - DYOR
Keep in mind that this has extremely low market cap, expect high volatility
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