Here is the potential date for U.Today

U.Today – is on the brink of a historic moment, with price action hinting at an imminent breakthrough that could set new standards for the original cryptocurrency. With the upcoming approval of a , market sentiment is bullish and there is a possibility of a price increase.

The market makers, having taken a step back, have prepared the market for a dramatic move; The ETF announcement next week could catalyze a surge above the all-time high with just a few outsized orders.

Chart by TradingView Technical analysis of the chart reveals a balanced asset, with local resistance being tested and support levels holding firm. A look at the chart indicates that the 50-day moving average is well below the current price, acting as a strong support level, with the 200-day MA charting an even steeper rise, further reinforcing the bullish setup. The current price is hovering around a critical resistance level, and a convincing break above this level could signal the start of a significant rally.

The potential for a short squeeze is high, given the number of open positions betting against it. If these shorts begin to close en masse, either because traders take profits or are forced to exit via a stop loss, a massive rally could occur that would push prices towards psychological levels of $50,000, $55,000, and $60,000. These round numbers often act as mental barriers for traders and could serve as provisional points of resistance; However, once broken, the path to higher levels seems clear.

Furthermore, the volume profile suggests that there has been considerable accumulation in the current range, supporting the idea of ​​a solid foundation for the bullish move. The Relative Strength Index (RSI) is trending in the neutral zone, indicating that there is room for growth before the asset becomes technically overbought.

This article was originally published on U.Today.