$PUSS Market Analysis || MemeCoin || ToTheMoon

sagor1233 (79)TFC [mod]in Steem Alliance • 5 days ago

Green and White Illustrative Fishing Contest Banner (2).png

^{Created On Canva Pro}

Assalamu Alaikum Guys,

The price action of the $PUSS token can be seen through the above chart, seemingly creating something called a symmetrical triangle. This usually occurs when the price is in the consolidation phase, where the market participants seem to have undecided thoughts on pushing upward or lower.

You can see it gets nearer the breakout point as the price moves between those two blue trendlines. The red circle here makes you notice a very important resistance level. It was here the price tried to surge and reached the upper trendline but had insufficient power to go up. Sellers take charge at this level for the time being which prevents the price from moving any higher.

The volume of trading, at the bottom of this chart, is fairly low-that is to say, there's not a great deal of buying or selling activity taking place right now. When the price breaks above or below this triangle, you might anticipate volume will increase as more people get into the trade.

The bearish side of this is that it's supported by the lower blue line, and a bounce-up point around that level may be a price that a downtrend finds. If it does break below though, that token may start a downtrend.

For now, it's a waiting game. If the price can break through the resistance with good momentum, then the price could break out upside. On the other hand, if it fails and goes below the support, then the price could turn down. This will be very clear in the next few hours or days as close observation of price movement and volume will give a clearer view of which direction the token is heading.