The price of Silly has established a double-bottom pattern at approximately $0.0325, indicating a potential upswing. Investors might anticipate an initial 20% surge to $0.0439, with the possibility of an extended move reaching $0.0554.
However, it's crucial to note that if the equal lows, formed at around $0.0312, transform into a resistance level, it would negate the optimistic outlook and invalidate the bullish thesis. Monitoring the price action around this level will be essential for assessing the sustainability of the potential rally.
Silly (SILLY) appears poised for a potential upward breakout as the altcoin nears the conclusion of its price consolidation phase. Those buyers who patiently accumulated SILLY following the dip on February 12 may be in line for substantial rewards in the coming days if the anticipated breakout materializes.
Silly (SILLY) price has coiled up, indicating the potential for an explosive move in the near future. Experiencing a 40% decline between February 8 and 10, SILLY established a local bottom around $0.0321. Despite an initial attempt at a recovery rally, SILLY struggled to gain upward momentum. The second retest of the $0.0321 level suggests the formation of a double-bottom reversal pattern.
The double-bottom pattern in SILLY is further strengthened by the bullish convergence observed between the second low of the W-shaped pattern and the Relative Strength Index (RSI). The RSI registering higher on the second low compared to the first, despite lower prices, suggests a diminishing bearish momentum, providing additional indication of an impending reversal in the downtrend.
This technical formation typically emerges following a sharp correction and serves as a signal for a reversal in the prevailing downtrend. Given the rapid downward movement experienced by SILLY, a corresponding upward move is likely. To validate this bullish development, SILLY's price needs to surpass the February 11 swing high at $0.0377 and establish a higher high.
Such a shift in the trend would encourage sidelined buyers to enter the market, initiating an uptrend. Investors can anticipate SILLY to retest $0.0439, representing a potential 23% gain from the current trading level of $0.0358. In an exceptionally bullish scenario, SILLY's price might extend further, reaching $0.0554, translating to a potential gain of 55%.
