CHR/USDC - (Buy) CHR provides pre-signal for bullish exit from consolidation pattern

Market & Ticker: Chromia – CHR/USDC

Date: 29/08/2024

Horizon / Timing:  Tactical Mid-term / 1 to 3 months

Scenario: 

CHR has been evolving in descending range since MARCH 2023 triggering an excess of volatility mid-august. This Range is forming a base for a long-term perspective. We do expect a bullish momentum to test the upper part of the range before following the capacity of the token to exit from the pattern.

At the current level as long as 0,17 remains a tactical support valid a larger rise towards 0,3980 is expected. To confirm the bullish trend 0,26 must be surpassed in daily close

Technical Key Elements:

• Consolidation flag pattern on going (orange)
• RSI indicator is above 50% providing pre-signal
• The Moving average are tested
• Fibonacci key support is adjusted at 0,17 while the Elliot wave shows upside potential towards 0,3980

Trade Idea conclusion: Buy 

• Tactical Target Max 7,60
• Tactical Target 5,95
• Tactical confirmation 4,70 (Daily close)
• Tactical key support (Pivot) 3,40 (Daily close)

Chart: Daily Basis (Candle Stick) - Logarithmic 

Indicators: Exponential Moving Average (21/34/89) - RSI (21)

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