Price Analysis

Bullish Pattern Sets S.S. Lazio Fan Token On Bull Ride To $14.8

The S.S. Lazio Fan Token price bullish breakout of $8.15 neckline resistance encourages a prolonged bull run for coin holders

Published by

Brian Bollinger

Published 16 Nov, 2022 | 04:08:53 PM UTC

Bullish Pattern Sets S.S. Lazio Fan Token On Bull Ride To $14.8

The S.S. Lazio Fan Token completes a one-year-long cup and handle pattern with a breakout of $8.15 resistance. This bullish breakout offers an entry opportunity for interested fans. However, is it safe to buy this token now?

Key Points:

A cup and handle pattern govern the S.S. Lazio Fan Token price action
High volume retest threatens a fake breakout scenario
The 24-hour trading volume in the S.S. Lazio Fan Token coin is $264.5 Million, indicating a 194% gain.

Source-Tradingview

However, on November 15th, the S.S. Lazio Fan Token price gave a bullish breakout from this $8.15 barrier. This breakout indicates the buyers are ready to take trend control as they also get a long entry opportunity.

Having said that, the altcoin is in a retest phase today and shows a higher volume than the breakout candle. Moreover, the coin price currently trades at $8.19, and the long-wick rejection attached to the daily candle shows the sellers have not thrown the towel yet.

Thus, interested traders must wait for price sustainability above the $8.15 mark before entering the market. As per the technical setup, the possible target for this pattern is the same vertical distance from the bottom support to the neckline, released from the breakout point.

Thus, with the favorable bullish scenario, the post-retest rally should rise 81.3% to reach $14.8. However, this potential rally could face an in-between resistance of $11.28 before hitting its target.

On a contrary note, if the S.S. Lazio Fan Token price gave a daily candle closing below $8.15 before the weekends, it will invalidate the bullish thesis. Furthermore, since the breakout candle closing was near the wick rejection of many failed attempts, this breakout threatens to be fake.

Technical Indicator

RSI: The daily RSI slope jumps above the neutral zone, indicating the market sentiment bolsters the bullish theory.

EMAs: A positive alignment in crucial EMAs(20, 50, 100, and 200) reflects a strong uptrend.

S.S. Lazio Fan Token intraday price levels

Spot price: $8.19
Trend: Bearish
Volatility: High
Resistance level- $10 and $11.2
Support level- $8.15 and $6.6

Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

Published by

Brian Bollinger

Published 16 Nov, 2022 | 04:08:53 PM

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