Technical Analysis - RioDeFi
RFUEL/USDT - Week 43
RFUEL has been moving very strongly lately. The downtrend is massive and becoming slowly exhausted and ready to break. Looking at the structure, one can see multiple breaks of key-areas of support and rejections at the downtrend resistance. The most recent break of the key-area of support was not very heavy and seems more like a fakeout, not like a breakdown. Such a fakeout could easily lead to a strong breakout and the break of the long-lasting downtrend. Looking at technical indicators, such as the MKAST Algorithm, one can still identify an ongoing sell-condition, which is understandable since the downtrend has not been broken.
Nevertheless, the price is hovering above the very thin MKAST LenLen Ribbon, which is inherently a bullish sign. It could be the first indication that the LenLen Ribbon might become moving support for RFUEL. The MKAST Index is further supporting the bullish narrative with the index line already breaking to the upside against its ALMA.
All in all, an experienced swing trader would be looking for bullish entries after the breakout of the downtrend, and after the previously broken key-area of support would be turned into proper support again. An experienced breakout trader would be looking for entries as soon as the first strong buy-candle would close above the long-lasting downtrend.
This Technical Analysis is made by Kong Trading. The provided Analysis reflects only his idea and should not be considered as financial advice!
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