The crypto market remains volatile, with traders leveraging various strategies to capitalize on it. The Maverick Protocol ($MAV) recently demonstrated a notable ‘Cup and Handle’ pattern, a bullish indicator that seasoned traders like CryptoBusy have quickly exploited. This pattern, observed in various new cryptocurrencies like $ORDI and $SEI, signals consolidation followed by a potential breakout.
In a recent analysis, CryptoBusy shared insights into short and long-term trading strategies applied to $MAV. They capitalized on the rejection at a previous high, a strong resistance level for the short trade. Consequently, their realized return on investment (ROI) was +64.31%, undoubtedly speaking volumes of their strategy’s potency. The trade opened at 0.5523 USDT, and the closing price was 0.5301 USDT.
Moreover, their long trade strategy was equally successful. Before entering, they waited for a bounce from the 61.8% Fibonacci retracement level. This approach yielded a +37.43% ROI, initiating the trade at 0.6052 USDT and closing at 0.6605 USDT. These strategies were displayed on an MAV/USDT price chart, marking out specific entry and exit points. Significantly, the chart highlighted profit and loss zones, clearly representing the trades’ outcomes.
Additionally, the chart annotations revealed key insights into the trading patterns. The ‘Cup and Handle’ formation was particularly prominent, usually indicative of an upcoming uptrend. This pattern’s ‘cup’ part developed over several months, with the ‘handle’ forming more recently. Such patterns often lead traders to anticipate upward price movements.
However, CryptoBusy emphasized checking project fundamentals like volume and price action before entering trades. Not all trades are guaranteed success, so diligence is key. Strategies like finding resistance and support levels and waiting for confirmations using tools like MACD and RSI are essential.
Maverick Protocol’s price was $0.685226 in the broader market context, marking a 14.06% increase over the last 24 hours. Conversely, ORDI’s price stood at $74.61, experiencing a slight decrease of 0.59%. Meanwhile, Sei recorded a price of $0.80919, up by 3.11%.
Cryptobusy’s analysis underscores how dynamic and often unexpected the cryptocurrency market is. Spotting and using patterns such as the ‘cup and handle’ can be key to profits for a trader.
