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Support and resistance are essential concepts in technical analysis that help traders identify crucial price levels on a market chart. These levels indicate areas where the price has a tendency to reverse or consolidate. Understanding and correctly plotting support and resistance can significantly improve trading decisions by allowing traders to spot potential entry and exit points, manage risk effectively, and confirm trends. Understanding Support and Resistance Support and resistance are price levels where buying and selling pressure converge, influencing the direction of price movements. Support Level Support is a price level at which a downward trend can be expected to pause due to a concentration of demand. When the price reaches the support level, traders often see increased buying interest, which prevents the price from falling further. If the support level is broken, the price may decline further until it finds another support zone. Resistance Level Resistance is the opposite of support; it is a price level where selling interest is strong enough to prevent the price from rising further. When the price reaches this level, selling pressure increases, leading to potential reversals or consolidation. If the resistance level is breached, the price may continue upward until it encounters another resistance area. Methods to Identify Support and Resistance There are multiple ways to determine support and resistance levels. The following are the most commonly used methods: Methods to Identify Support and Resistance There are multiple ways to determine support and resistance levels. The following are the most commonly used methods: 1. Swing Highs and Lows Swing highs are previous peaks where the price reversed downward, acting as resistance. Swing lows are previous troughs where the price reversed upward, acting as support. Drawing horizontal lines at these levels helps visualize key support and resistance zones. 2. Trendlines An upward trendline is drawn by connecting higher lows, acting as a support level. A downward trendline is drawn by connecting lower highs, acting as a resistance level. When trendlines are broken, they can reverse roles, where old support becomes new resistance and vice versa. 3. Moving Averages Moving averages, such as the 50-day and 200-day moving averages, often act as dynamic support or resistance levels. In an uptrend, prices tend to bounce off moving averages, providing buying opportunities. In a downtrend, moving averages act as resistance, limiting upward movements. 4. Fibonacci Retracement Levels Fibonacci retracement is a mathematical tool used to identify potential reversal levels. The common retracement levels are 23.6%, 38.2%, 50%, 61.8%, and 78.6%. Traders use Fibonacci levels to predict potential support and resistance zones during price corrections. 5. Pivot Points Pivot points are calculated using the previous day’s high, low, and close prices. The main pivot point is the average of these three values and is used to determine support and resistance levels. This method is especially useful for intraday trading. 6. Volume Profile Analysis The volume profile indicates the amount of trading activity at specific price levels. High trading volumes at certain levels suggest strong support or resistance. Traders use volume analysis to validate key price levels and confirm reversals. How to Plot Support and Resistance in TradingView To effectively visualize support and resistance levels, traders can use TradingView, a popular charting platform. Here’s a step-by-step guide: Open a chart in TradingView. Identify swing highs and lows by analyzing recent price movements. Use the Horizontal Line tool to mark key support and resistance levels. Apply trendlines to connect multiple swing points. Use Fibonacci Retracement to find potential levels of price correction. Enable Moving Averages (e.g., 50 EMA, 200 EMA) to identify dynamic support/resistance. Observe price reactions around these levels before making trading decisions. Practical Tips for Effective Support and Resistance Trading Use multiple timeframes to confirm key levels. Higher timeframe levels hold more significance. Stronger support and resistance levels have multiple touchpoints over time. Avoid cluttering the chart with too many lines, as it can lead to confusion. Combine support and resistance with indicators like RSI and MACD to strengthen trade signals. Watch for breakouts and retests, as price often retests broken levels before continuing the trend. Conclusion Support and resistance play a crucial role in technical analysis by helping traders make informed decisions. By mastering different methods such as swing highs/lows, trendlines, Fibonacci retracement, moving averages, and volume analysis, traders can effectively navigate the markets. Implementing these techniques with proper risk management enhances the ability to identify profitable trading opportunities while minimizing losses.

$OBOL is positioning itself as a strong contender in the rapidly growing blockchain ecosystem, particularly in the areas of decentralized finance (DeFi) and cross-chain interoperability. As blockchain technology continues to evolve, $OBOL aims to address some of the critical pain points of the current crypto infrastructure, such as limited scalability and fragmented networks. By facilitating seamless interactions across different blockchains, $OBOL offers a solution that could significantly enhance the way decentralized applications (dApps) operate. The true potential of $OBOL lies in its ability to act as a bridge between various blockchain networks, enabling users and developers to interact with different platforms without facing the usual barriers of incompatibility or high fees. This is an attractive proposition as the demand for more interoperable solutions in the crypto space continues to rise. $OBOL’s unique focus on cross-chain communication could position it as a key enabler for the next wave of blockchain innovations. Looking ahead, $OBOL's market potential will depend on how well it can execute its vision of creating a more interconnected blockchain world. If the team continues to deliver on its promises and gain traction among developers and users, $OBOL could see significant growth in both utility and value. However, like all cryptocurrencies, its future success will be influenced by broader market conditions and the competitive landscape.

We're getting a consolidation on the yearly trend as expected. Im still looking at this as a smaller/shallow correction before a continuation move. I think this sort of A-B-C correction would be likely, that goes in line with that 98-102 support area I gave yesterday. If it wants to wick past it, prob 95-96k BTC would be possible (but wouldn't wait on it to act).

The Shardeum native token, $SHM, serves as the lifeblood of the network, powering its operations, securing its infrastructure, and incentivizing its growth. Here's a breakdown of its key utilities: 1. Gas for Transactions: * $SHM is the fundamental unit of exchange for paying transaction fees (gas) on the Shardeum network. Every action that requires computation and storage, such as sending tokens, deploying smart contracts, or interacting with dApps, incurs a gas fee denominated in $SHM. * Shardeum's architecture, with its dynamic state sharding, is designed to keep these gas fees consistently low and predictable, making the network more accessible for a wide range of users and applications. 2. Staking and Network Security: * Validators on the Shardeum network are required to stake a certain amount of $SHM to participate in the consensus mechanisms (Proof-of-Stake and Proof-of-Quorum). * This staked $SHM acts as collateral, incentivizing validators to act honestly and in the best interest of the network. Malicious behavior can lead to the slashing (forfeiture) of their staked tokens. * In return for their crucial role in securing the network, validators are rewarded with newly minted $SHM, further incentivizing participation and network stability. 3. Governance (Future Potential): * The $SHM token is intended to grant holders the ability to participate in the decentralized governance of the Shardeum network. * This could involve voting on proposals for network upgrades, changes to protocol parameters, allocation of community funds, and other key decisions that shape the future direction of Shardeum. * Empowering the community through $SHM-based governance aims to ensure the network evolves in a way that benefits its users and aligns with its decentralized ethos. 4. Ecosystem Incentives and Growth: * $SHM is used to incentivize various participants within the Shardeum ecosystem, fostering its growth and adoption: * Developer Grants and Bounties: Rewarding developers for building innovative dApps and contributing to the network's infrastructure. * User Rewards and Airdrops: Incentivizing early adoption and engagement with the platform. * Community Programs: Recognizing and rewarding community members for their contributions to education, outreach, and support. * These incentives aim to attract talent, drive usage, and build a strong and active community around Shardeum. 5. Medium of Exchange: * As the native asset of the Shardeum network, $SHM can serve as a medium of exchange within its ecosystem. * It can be used for peer-to-peer transactions, payments for goods and services within dApps built on Shardeum, and potentially for trading on decentralized exchanges (DEXs). In essence, the $SHM token is the core utility asset that fuels the Shardeum network, secures its operations, empowers its community, and drives the growth of its decentralized ecosystem. Its multifaceted utility is integral to the long-term success and adoption of Shardeum as a scalable and accessible Web3 infrastructure.

$VANRY is bullish above the mid-range; don't forget to add it at the discounted price. $cati $act $wif $og $ksm $polyx $syn $lumia @CryptoWizardd $baby $rune