On February 19, G Invacom’s chart broke out of a classic triangle chart pattern, which would be considered a strong break if it closes at $0.055 or higher. In a previous instance, when the chart broke down from a descending triangle on November 19 of last year, the price dropped by 22% to reach its lowest point.
Similarly, when the price broke down from a triangle pattern on August 14, 2022, it fell by 30% over the next two months. Therefore, it’s possible that the price may rise again if G Invacom’s price breaks above the triangle chart pattern today.
As the price broke above the chart pattern, the stochastic indicator also moved above the 50 mark on both the daily and weekly charts.
Additionally, on September 5 of last year, the price also broke above a classic chart pattern on the weekly chart, and the uptrend has been intact since then.
Price target for G Invacom
By conducting a Fibonacci projection from the bottom of the chart pattern to the breakout point, the first target price for this breakout would be $0.066, followed by $0.079. This could potentially provide traders with a return of 23% to 47% over the next few weeks to three months.
On the downside, a stop-loss order could be placed at $0.041, providing a 1:1 risk-reward ratio based on just the 50% Fibonacci projection target price. Overall, this appears to be a favourable trade setup if traders enter a long trade based on the current price.
Similarly, when the price broke down from a triangle pattern on August 14, 2022, it fell by 30% over the next two months. Therefore, it’s possible that the price may rise again if G Invacom’s price breaks above the triangle chart pattern today.
As the price broke above the chart pattern, the stochastic indicator also moved above the 50 mark on both the daily and weekly charts.
Additionally, on September 5 of last year, the price also broke above a classic chart pattern on the weekly chart, and the uptrend has been intact since then.
Price target for G Invacom
By conducting a Fibonacci projection from the bottom of the chart pattern to the breakout point, the first target price for this breakout would be $0.066, followed by $0.079. This could potentially provide traders with a return of 23% to 47% over the next few weeks to three months.
On the downside, a stop-loss order could be placed at $0.041, providing a 1:1 risk-reward ratio based on just the 50% Fibonacci projection target price. Overall, this appears to be a favourable trade setup if traders enter a long trade based on the current price.