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When analyzed technically, the $0.39 level appears to be a significant resistance level. After facing rejection from this level, there was a 10% decline. I consider waiting for a retest after the $0.39 level is convincingly reclaimed with volume before considering a long position. If the price seeks liquidity from lower regions, my initial intermediate support level to watch is $0.296. Another key resistance level I’m monitoring above $0.39 is at $0.53. If the price maintains its upward momentum, I anticipate it testing these levels.
The analyses shared here are not investment advice; however, they are considered support and resistance levels that may provide short to medium-term trading opportunities in the market. The responsibility for taking trades and managing risks lies with the user. It is strongly recommended to use stop loss in the trades shared.