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$BASED
BASED is showing a strong recovery signal on the 4h frame. After a long sideway and bearish period, the big green candle has just broken out above the short-term MA lines (MA5: 0.07225, MA10: 0.07181). The price has passed the local resistance area around 0.074-0.075 and is heading to the 0.0784 area (24-hour peak).
Positive points:
• A sharp increase in volume accompanied by a green candle shows that the cash flow is returning.
• RSI and momentum are improving significantly.
• There is still a considerable distance compared to MA60 and MA120, indicating that the potential will continue to increase if the momentum is maintained.
Recommendation:
Can open a buy position around the area of 0.076 - 0.078. Partial profit at 0.082 - 0.085 and 0.09. Stop loss is tight below 0.072 for risk management.
This is a pretty good short-term signal in the context that DeFi is hot again, but the crypto market is still very volatile, so only using small capital and strict risk management.
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