SOLVE is moving like a hot altcoin. To date, the percentage moves have been impressive.
It is tough to get a read on an altcoin that suddenly wakes up and starts ripping like this. In this particular case, it appears FOMO has already set in. If we are correct that a massive chase is on, that could lead to a move to the 200-day moving average (black line). That level is 2050.
In this case, it is essential to look at the 200-DMA because the 200-DMA represents a longer-term equilibrium for a market. So, if SOLVE is making a transition from an abandoned altcoin to a viable project, then it is logical for it to return to its 200-DMA.
Bottom Line: The chase is on in SOLVE. If SOLVE holds above 1474, traders chasing performance can push it higher.
It is tough to get a read on an altcoin that suddenly wakes up and starts ripping like this. In this particular case, it appears FOMO has already set in. If we are correct that a massive chase is on, that could lead to a move to the 200-day moving average (black line). That level is 2050.
In this case, it is essential to look at the 200-DMA because the 200-DMA represents a longer-term equilibrium for a market. So, if SOLVE is making a transition from an abandoned altcoin to a viable project, then it is logical for it to return to its 200-DMA.
Bottom Line: The chase is on in SOLVE. If SOLVE holds above 1474, traders chasing performance can push it higher.