The CPOOL daily chart shows impressive resilience, delivering the most significant bounce among the altcoins observed yesterday. Price action surged from a key demand and support zone between $0.24 and $0.26, a range that has consistently proven to attract buyers. The massive green candle that formed is a bullish engulfing candle, accompanied by a long lower wick that highlights strong buying pressure and rejection of lower prices.
The move propelled CPOOL back above the $0.30 psychological level, with the candle closing near $0.33—a considerable recovery from the intraday lows. The increased volume during the bounce underscores the market's conviction in defending this support zone, which could act as a foundation for further upside.
Currently, the 50-day moving average, situated at approximately $0.40, looms as a key resistance level. If CPOOL continues its upward trajectory, retesting this level would be a pivotal moment to gauge the strength of the recovery. Meanwhile, the 200-day moving average at $0.21 remains a robust long-term support.
Although yesterday's bounce is a positive sign, the market must sustain this momentum to avoid falling back into the support zone. Traders should monitor for follow-through buying and increased volume to confirm the bullish sentiment.
*I own this token, with an earlier entry around 17 cents.
The move propelled CPOOL back above the $0.30 psychological level, with the candle closing near $0.33—a considerable recovery from the intraday lows. The increased volume during the bounce underscores the market's conviction in defending this support zone, which could act as a foundation for further upside.
Currently, the 50-day moving average, situated at approximately $0.40, looms as a key resistance level. If CPOOL continues its upward trajectory, retesting this level would be a pivotal moment to gauge the strength of the recovery. Meanwhile, the 200-day moving average at $0.21 remains a robust long-term support.
Although yesterday's bounce is a positive sign, the market must sustain this momentum to avoid falling back into the support zone. Traders should monitor for follow-through buying and increased volume to confirm the bullish sentiment.
*I own this token, with an earlier entry around 17 cents.
scott.melker@texaswestcapital.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
scott.melker@texaswestcapital.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.