Update on the analysis of the $SQR token [19.03]
On March 19th, amidst the market correction along with Bitcoin, 
SQR is showcasing notable resilience, managing to maintain its allure in a downward market trend. The recent launch of a staking system by Magic Store is fostering a buy sentiment rather than a sell-off, further enhancing the token's appeal.
As we look back, we sawSQR gracefully maneuver through an ascending triangle pattern, peaking at $0.70. Although my aspiration to lock in profits at $0.75 wasn't quite met, the journey isn't over yet.
Delving into the technicals, the SQR token has been robust, validating the ascending triangle from its apex to its base. Despite a dip in trading volumes, the trajectory remains optimistic, and all technical indicators are aligning towards a target of $1 for each SQR token.
It's important to note the burgeoning volume of SQR tokens being staked on the Magic Store platform. This not only tightens the supply but also galvanizes the value as more participants opt to hold rather than sell, with the daily increase in token stakers adding to this momentum.
As for my strategy going forward, a retracement to the $0.55 zone could be a strategic entry point for a long position, with an eye on a gradual ascent to a $1 valuation in the next 2-3 months.
Remarkably,SQR has recently emerged from its prior triangular consolidation and is currently forming a new pattern. This evolution bodes well for an upcoming breakout, with a near-term price objective of $0.75 per token, looking particularly achievable against the current market backdrop.
SQR is showcasing notable resilience, managing to maintain its allure in a downward market trend. The recent launch of a staking system by Magic Store is fostering a buy sentiment rather than a sell-off, further enhancing the token's appeal.As we look back, we saw
SQR gracefully maneuver through an ascending triangle pattern, peaking at $0.70. Although my aspiration to lock in profits at $0.75 wasn't quite met, the journey isn't over yet.Delving into the technicals, the SQR token has been robust, validating the ascending triangle from its apex to its base. Despite a dip in trading volumes, the trajectory remains optimistic, and all technical indicators are aligning towards a target of $1 for each SQR token.
It's important to note the burgeoning volume of SQR tokens being staked on the Magic Store platform. This not only tightens the supply but also galvanizes the value as more participants opt to hold rather than sell, with the daily increase in token stakers adding to this momentum.
As for my strategy going forward, a retracement to the $0.55 zone could be a strategic entry point for a long position, with an eye on a gradual ascent to a $1 valuation in the next 2-3 months.
Remarkably,
SQR has recently emerged from its prior triangular consolidation and is currently forming a new pattern. This evolution bodes well for an upcoming breakout, with a near-term price objective of $0.75 per token, looking particularly achievable against the current market backdrop.
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