The market is starting to notice a strong move from Nillion NIL after a clear bounce from an important support level.
Recently the price dropped toward the 0.044 area where buyers stepped in and defended the zone. From there the market started to recover with several strong bullish candles.
This type of reaction often shows that demand exists at that level.
After bouncing from around 0.0445 the price managed to reclaim the 0.046 zone. Once that level was recovered the market structure started forming higher lows which is usually an early sign that momentum is shifting.
Right now NIL is trading around 0.048 and testing the resistance area between 0.048 and 0.049.
If buyers manage to push the price above 0.050 the next move could target higher liquidity zones.
Trade setup many traders are watching
Entry zone between 0.0470 and 0.0485
Stop loss around 0.0440
Targets
First target 0.0500
Second target 0.0520
Third target 0.0550
The bullish structure remains valid as long as the price stays above the 0.044 support zone.
If the market holds this level and momentum continues to grow the breakout above 0.050 could open the door for further upside.
However crypto markets move quickly so traders should always focus on proper risk management and avoid using excessive leverage.
Disclaimer
This article is for informational and educational purposes only and should not be considered financial advice. Cryptocurrency markets are highly volatile and involve risk. Always do your own research and manage your risk carefully before entering any trade.