NKN Breakout Alert: Key Levels and Targets Identified

Descending wedge setup suggests a bullish reversal – here’s what to watch.
NKN is showing a textbook descending wedge pattern on the daily chart, signaling a potential breakout. Key support at $0.076 has been repeatedly tested, confirming a solid bottom. A short-term pullback to the $0.79–$0.82 zone is expected, presenting an excellent buy opportunity for Degen traders. Of course, absolute confirmation of a breakout is the breakout and test of the breakout line. The initial breakout target is $0.1075, offering a potential 20% gain, with further upside possible if momentum holds.

Volume spikes and Bollinger Bands suggest the move is imminent, but caution is advised to avoid overextensions. Watch for pullbacks to mid-channel levels for re-entries, and keep an eye on weekly chart trends, which support a broader reversal. This setup offers both short-term gains and long-term potential for those ready to act.

Companion video: https://www.tradingview.com/chart/NKNUSD/xIWf3nEi-NKN-Analysis-Breakout-Brewing-Buy-Zone-Identified/

Not investment advice, this is just for posterity😎
Do your own research.

交易進行

Now is the time if you are a true Degen... (new word for me😎)

註釋

Our last green candle became a wick and was not recovered, so price did approach the lower channel wall, but is currently displaying a piercing line (3AMish ET) which may become an engulfing - The chart is still looking primed for a breakout following a reversal here.