Hypothesis
The market is very much propped up on the side of the bulls.We can expect further alt pumps as this hype and positive market psychology trickle down and liquidity flows around.
When you have a nice technical alignment, like we're about to discuss on SHDW, we can look to capitalize.
SHDW has found a very strong level of support around the psychological level of $1.
However, to be more precise, our LOI (Level of Interest) is $0.9724, which is where we are looking to take a long opportunity.
As you can see, in and around this level, not only has SDHW formed support, but the reaction on the daily timeframe to this level is very responsive in terms of buying pressure.
Price doesn't just sit here; it rejects it significantly, showing its potential to pop with significance here.
So, with this, we will look to buy from this level.
We always have to present an alternative scenario - this could come as a deeper pullback into $0.6750.
If the market does break the initial LOI to the downside, we will reposition.
- Scenario 1: Buy from $0.9724.
- Scenario 2: Buy from $0.6750.
Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. “One Glance” by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. They are not signals, and they are not financial advice.
Play for traders
Aggressively, a limit order could be put on the LOI of $0.9724, or a market order could be entered around where we are now, as there has already been confirmation of the demand, which was the initial reason for the attention for this setup.Conservatively, you could wait for further signs of demand and maybe some intra-day bullish price action pulling away from this level to the upside more for confirmation.
Spot buyers could buy here and look to hold for the long haul.
For leveraged players, $1.2240 would be a short-term place where we may see headwinds, but the highs of $1.5636 would be the ideal take profit.
Sell exits (stop loss) at $0.8400 on scenario 1.
You decide the approach.
Play for investors
Spot buys from a dollar on SHDW will always be a good idea; this level will play a pivotal role in its bullish development.LOIs (Levels of interest)
- $0.9724
- $0.6750
Cryptonary's take
The dollar mark on SHDW is forming a nice floor, and we can't ignore this.We have been tracking SHDW since the start of altcoin opportunities, and we have seen it respect its structure really nicely.
Take action and manage risk.