The chart depicts the price movement of MOVR/USDT on a daily timeframe from Binance. A "Inverse Head and Shoulder" pattern is identified, with the left shoulder, head, and right shoulder clearly marked. The neckline is downward-sloping, and the price appears to be testing it. If the price breaks above the neckline, it could confirm a bullish reversal, with a potential price target of around 19.93 USDT, as indicated by the green area.
However, if the price is rejected at the neckline, a downside move toward the support at 8.00 USDT is possible. This could invalidate the pattern and lead to further bearish price action. Volume trends seem relatively low, which may influence the likelihood of a strong breakout or breakdown. The next few days' price action around the neckline will be critical in determining the pattern's outcome.
However, if the price is rejected at the neckline, a downside move toward the support at 8.00 USDT is possible. This could invalidate the pattern and lead to further bearish price action. Volume trends seem relatively low, which may influence the likelihood of a strong breakout or breakdown. The next few days' price action around the neckline will be critical in determining the pattern's outcome.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.