AEVO: Bullish Breakout After First Day on Binance
AEVO is a new cryptocurrency that launched on Binance on March 8, 2023. The price has been trading in a bullish pattern since its launch, forming a descending triangle and a double bottom pattern.
The descending triangle:
The descending triangle is a bearish pattern that is characterized by two converging trendlines, one connecting lower highs and the other connecting higher lows. The price typically breaks down below the lower trendline, signaling a continuation of the downtrend.
The double bottom:
The double bottom is a bullish reversal pattern that is characterized by two consecutive lows, with the second low being higher than the first. The neckline is the horizontal line that connects the two lows.
The fakeout:
The price broke down below the lower trendline of the descending triangle on March 10, 2023. However, this breakdown was a fakeout, as the price quickly reversed and rallied back above the trendline.
The double bottom:
The price then formed a double bottom pattern, with the second low being higher than the first. The price broke out above the neckline of the double bottom pattern on March 14, 2023.
Bullish targets:
The first bullish target is the $2.70 level, which is the top of the descending triangle. Further upside could see the price reach $5.00 or even higher.
The descending triangle:
The descending triangle is a bearish pattern that is characterized by two converging trendlines, one connecting lower highs and the other connecting higher lows. The price typically breaks down below the lower trendline, signaling a continuation of the downtrend.
The double bottom:
The double bottom is a bullish reversal pattern that is characterized by two consecutive lows, with the second low being higher than the first. The neckline is the horizontal line that connects the two lows.
The fakeout:
The price broke down below the lower trendline of the descending triangle on March 10, 2023. However, this breakdown was a fakeout, as the price quickly reversed and rallied back above the trendline.
The double bottom:
The price then formed a double bottom pattern, with the second low being higher than the first. The price broke out above the neckline of the double bottom pattern on March 14, 2023.
Bullish targets:
The first bullish target is the $2.70 level, which is the top of the descending triangle. Further upside could see the price reach $5.00 or even higher.
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