Decoding #GNOUSDT: Analyzing Key Support and Price Potential

💎Looking at the past 3 months' price action, we can observe a significant support area near $105, tested twice. Notably, the price also rejected the 200 Simple Moving Average during the second bounce, indicating strength.

💎After the bounce, a corrective phase followed, and the price found a clean bounce off the 88.6% Fibonacci support level, which is now a critical level to monitor.

💎#GNO and most other coins have been consolidating for the past 6 days, indicating an impending end to the range trading phase. And now there are two high-probability scenarios to consider.

1️⃣ First, a potential uptrend may emerge, with the price aiming to reach one of the double Fibonacci resistance levels, offering a possible rise of 15%.
2️⃣ Second, there is a possibility of a downward move, potentially breaking below the uptrend trendline before the uptrend continues.

💎The bullish scenario would be invalidated if #GNO breaches the $106 support level.