The cryptocurrency markets continue to exhibit volatility. This article examines current situations for cryptocurrencies FIL, PNUT, and XLM, as well as potential support and resistance levels.
FIL: Potential Support and Resistance Levels
Recently, FIL broke below the triangle pattern and found support around $2.13, leading to a rebound. Yesterday, it closed up 6.3%, but trading volume did not increase with the price rise, which may signal short covering. The price may test the resistance zone upward. Resistance levels are around $2.35 and between $2.48 to $2.53. Investors are advised to consider entering short positions in this zone. Take-profit targets can be set in batches at $2.05, $1.97, and $1.83. Stop-loss can be set according to personal risk tolerance, such as at $2.55 or $2.614.
PNUT: Trend Assessment and Entry Levels
PNUT also broke below the triangle pattern and found support around $0.203, but soon encountered resistance at the lower edge of the triangle (around $0.2446) and fell. The price found support again at $0.1977 but has already broken the previous low. It is expected that the price may pull back to test the resistance zone again before continuing the downtrend. Investors are advised to set up short positions around $0.225, which is approximately the Fibonacci 0.618 level and a trading density area. Take-profit targets can be set in batches at $0.198, $0.182, and $0.155. Stop-loss can be set above the previous high at $0.2446.
XLM: Pattern Analysis and Forecasts
XLM broke above the long-term downtrend line and encountered resistance at $0.5206, leading to a decline. The price gradually formed a triangle pattern. This triangle is a continuation pattern, suggesting the price may continue the previous uptrend and break upward. At the time of writing, it is trading around $0.389, which is approximately the lower edge of the pennant. Investors can take this opportunity to enter long positions or wait for a volume breakout above the triangle before entering. Take-profit targets can be set in batches at $0.53, $0.6, $0.71, and $0.825. Stop-loss can be set below the previous low at $0.361.
The analysis of current trends in cryptocurrencies FIL, PNUT, and XLM indicates that investors should carefully monitor resistance and support levels to make informed decisions about their positions.
