Based on the analysis of NKNUSDT, I'm planning to initiate a long position in NKN at the current market price of 0.89. The decision is supported by the recent breakout from the trendline, and the price has remained above the trendline, suggesting the possibility of an upward trend continuation.
This analysis is primarily based on the 1-day time frame, where the price has demonstrated an inclination to remain in an upward trend.
In the event of a price retracement, I intend to buy more NKN coins at key support levels, which are set at 0.08 and 0.077. These support levels offer potential entry points for the trade, with a focus on achieving long-term targets, ultimately reaching 0.20.
To manage the inherent risks, a stop-loss order has been established under the support level at 0.073. This stop-loss serves as a protective measure to limit potential losses if the market moves against the trade.
Please be aware that cryptocurrency markets can be highly volatile, and trading carries inherent risks. It's essential to apply sound risk management principles and consider your own risk tolerance when executing trading strategies.
This analysis is primarily based on the 1-day time frame, where the price has demonstrated an inclination to remain in an upward trend.
In the event of a price retracement, I intend to buy more NKN coins at key support levels, which are set at 0.08 and 0.077. These support levels offer potential entry points for the trade, with a focus on achieving long-term targets, ultimately reaching 0.20.
To manage the inherent risks, a stop-loss order has been established under the support level at 0.073. This stop-loss serves as a protective measure to limit potential losses if the market moves against the trade.
Please be aware that cryptocurrency markets can be highly volatile, and trading carries inherent risks. It's essential to apply sound risk management principles and consider your own risk tolerance when executing trading strategies.
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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.