- FOXY/USDT is testing a local resistance level for the fourth time in three months, with increased trading volume suggesting a potential breakout.
- If the resistance is broken, analysts anticipate price movements towards the 0.012 level, which has historical significance as both support and resistance.
- The repeated testing of the resistance level, combined with growing volume, indicates potential seller exhaustion and increasing bullish sentiment.
The FOXY/USDT trading pair at the moment is building up a local resistance that has been tested for the third time in the past three months. This price level has remained a strong defense line and has over the time slowed the token’s price higher than this point. However, due to the recent uplift in volume, the market onlookers are thus waiting for FOXY to make a change and try and move forward the bar on the prices to the 0.7521.
$FOXY Testing local resistance for the 4th time.
A break here should lead to a move back to the 0.012 level which has been an important price region in the past.
Good volume increase on this spike as well. pic.twitter.com/3C5OqSQCmf
— Daan Crypto Trades (@DaanCrypto) October 12, 2024
A Move Towards the 0.012 Price Level
Just in case the token does break through this level of resistance, traders and analysts anticipate price fluctuations ranging to the 0.012 level. Pricing in this zone has been an important one for FOXY as it was launched at the support level in earlier market phases and also served as a resistance level.
A further continuation beyond this level would engender additional near term bullishness for the token. What is more important to notice is the growing volume that has followed the surge in the price indicating higher market activity regarding the token.
An increase in trading volumes suggests that the trend strength is rising and that in this instance they may point to a likely breakout from a trading range. Bigger volume accompanied by a token’s ability to break resistance could likely signal that bulls are starting to seize control of the market.
Repeated Testing of Resistance
This is the fourth time that FOXY has probed the same resistance level making traders glamorous. This means that repeated testing at a particular resistance level but without worthy acceptance rejection can sometimes result in a breakout due to weariness of the sellers at the tested level.
Holding to the pattern, FOXY will be looking forward to a breakout which may lead to new price altitude targets Higher price targets may very well lie in stock’s kitty as FOXY continues to test the resistance. Traders seeing a strong volume behind this very recent surge will be looking forward to observing whether the token will be able to bust through the ceiling and head for the 0.012 level.
