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Analysis | Trading | Videos

UseTheBitcoin Market Update (AGRS, NMT, XAI, AI, ROSE, RARE, HFT, & JUP) | May 9th, 2024

Author

Rickie Sanchez

Tags

Tags Editor's Choice / Slider Posts

Reading time

3 mins
Last update

Author

Rickie Sanchez

Tags

Editor's Choice / Slider Posts

Reading time

3 mins
Last update

Author

Rickie Sanchez

Tags

Editor's Choice, Slider Posts

Reading time

3 mins
Last update


In this article, let’s examine the insights shared by our Technical Analyst at UseTheBitcoin as he walks us through his personal trading approach and observations on Agoras (AGRS), NetMind (NMT), Xai (XAI), Sleepless AI (AI), Oasis (ROSE), SuperRare (RARE), Hashflow (HFT), Filecoin (FIL), and Jupiter (JUP).

Agoras (AGRS)

Agoras (AGRS) is currently exhibiting poor performance for long-term investment due to its bearish trend formation, making it more suitable for short-term trades. For those considering short-term trading, an entry strategy would be to buy if it closes above the previous candle. However, it’s crucial to implement a cut-loss strategy at $3.186 to mitigate potential losses. Additionally, traders may target take profit levels at $4.059 to capitalize on short-term gains.

NetMind (NMT)

NetMind (NMT) is currently displaying a flat candle and slow momentum, indicating limited investment potential. With the 20-day moving average acting as a support level, it’s primarily suited for short-term trading. Those considering short-term trades may buy if it closes above the previous candle. Implementing a cut-loss strategy at $5.91 can help manage risks while targeting take-profit levels at $7.23 allows traders to capitalize on short-term gains.

Xai (XAI)

Xai (XAI) is currently positioned at support levels, suggesting a potential buying opportunity. However, traders should exercise caution and wait for it to close above the previous candle before entering a position. There’s a risk of further downward movement if it breaks below the support levels. For entry, consider buying when the price is higher, with a cut loss set at $0.61 to manage potential losses. Additionally, traders may target take profit levels at $0.78 to secure profits.

Sleepless AI (AI)

Sleepless AI (AI) presents a pattern similar to XAI but with a notable difference: it is positioned above the MA20, indicating a potentially different market dynamic. This makes it more suitable for swing trading rather than immediate action. For entry, consider a market order. To manage risks, set a cut loss at $0.98. Traders can aim to take profit levels at $1.28 to capitalize on potential market swings.

Oasis (ROSE)

Oasis (ROSE) appears unsuitable for long-term investment due to misaligned moving averages hindering an uptrend. The 20-day moving average is a resistance level, indicating limited growth potential. A strategy to consider is selling at the nearest resistance levels to capitalize on short-term opportunities. For entry, traders may implement a cut loss at $0.85 to manage potential losses. Additionally, targeting a take profit at $0.10 can help secure gains within the short term.

SuperRare (RARE)

SuperRare (RARE) is not conducive to long-term investment as it is below the 20-day moving average, indicating a bearish trend. For traders considering short-term opportunities, an entry strategy could be initiated if the coin breaks above the 20-day moving average. Implementing a cut loss at $0.11 to manage risks can help mitigate potential losses. Traders may take profit levels at $0.12 to capitalize on short-term gains.

Hashflow (HFT)

Hashflow (HFT) is not recommended for long-term investment, as its suitability lies primarily in swing trading. Having broken above the 20-day moving average and currently situated above it, it presents a potential short-term opportunity. To manage risks, consider implementing a cut loss at $0.29. Traders can target profit levels ranging from $0.32 to $0.36 to capitalize on short-term price movements.

Filecoin (FIL)

Filecoin (FIL) does not appear favorable for either long-term or short-term trading, as it’s currently positioned below the 20-day moving average, indicating a lack of positive momentum. However, caution is advised for those still interested in trading FIL. A potential entry strategy could be if the candle closes above the previous candle. Implementing a cut loss at $5.58 can help mitigate potential losses. Traders may target take profit levels at $6.02 to capture any short-term gains cautiously.

Jupiter (JUP)

Jupiter (JUP) has recently broken out of its downtrend and is showing signs of forming support near the 20-day moving average. There is an optimistic outlook that the coin will maintain its position above the 20MA. To manage risks, consider implementing a cut loss at $0.99. Traders may aim for gains around $1.17, capitalizing on the potential upward movement of the coin.

Final Thoughts

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