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$ALLO /USDT BULLISH LONG SETUPš„š„
$ALLO /USDT has broken below the recent consolidation and is showing a sharp downward momentum on the 1āday chart with a steep red candlestick pattern that has wiped out previous support levels. The price action indicates an oversold condition after hitting the 24h low of 0.1537, setting the stage for a potential reversal into a bullish phase as buyers may step in to capitalize on the deep discount.
*Technical Analysis & Trade Plan*
The chart forms a classic descending wedge with the latest plunge creating a potential bottom. Key Fibonacci retracement levels and supportāturnedāresistance zones suggest the market is primed for an upward swing. Entry should be taken on a confirmed bullish reversal signal above the recent high of 0.1832 or on a breakout of the wedgeās upper trendline.
*Long Entry*: Place buy order at 0.1600 (on confirmation of bullish candlestick or volume spike).
*Targets (TP)*
TP1: 0.1700
TP2: 0.1800
TP3: 0.1900
*Stop Loss (SL)*: Set SL at 0.1504 to protect against further downside.
*Trade Logic*: The massive volume spike on the decline indicates strong selling pressure has exhausted, and the subsequent consolidation near the low suggests accumulation. A break above the 0.1832 resistance will trigger a bullish run toward the resistance zones marked by TP1āTP3.
*Risk Management*: Allocate 1ā2% of total capital on this trade, use the defined SL to limit exposure, and scale out of positions at each TP to secure profits and reduce risk. Maintain a riskāreward ratio of at least 1:3 for each target.
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