Technical Analysis:
1. Strong Demand Zone (Key Reversal Area)
CVX price has repeatedly tested a strong support zone around $1.43 – $2.20 (highlighted in yellow). This area has acted as a major accumulation zone, showing strong buyer interest and serving as a critical base support.
2. Potential Double Bottom Formation (Bullish Reversal Pattern)
A potential Double Bottom or Adam & Eve pattern is forming within this demand zone — a classic bullish reversal structure, indicating a possible trend shift to the upside.
3. Key Resistance Levels (Bullish Targets):
$2.90 – Minor resistance, likely to be tested in the short term.
$3.46 – Significant psychological and technical resistance.
$4.98 – Major resistance and neckline of the double bottom pattern.
$6.76 – Strong weekly resistance, a potential medium-term target.
$15.77 & $47.97 – Long-term targets if a macro bullish trend emerges.
Bullish Scenario:
If the price holds above the $2.20 support zone:
Gradual upward movement expected toward $2.90 → $3.46 → $4.98.
A confirmed breakout above $4.98 could trigger a rally toward $6.76.
Full bullish confirmation would occur if the price breaks and holds above $6.76, indicating a longer-term trend reversal.
Bearish Scenario:
If price breaks down below the $1.43 support level with a weekly close:
The double bottom structure would be invalidated.
Price could enter new price discovery territory, potentially heading below $1.00.
Market sentiment would turn significantly bearish.
Strategic Conclusion:
CVX/USDT is currently at a critical decision point. A strong historical support zone suggests a high potential for bullish reversal. Confirmation of the bullish structure requires a breakout above $4.98. However, caution is needed if price breaks below $1.43, as it may indicate structural failure.
#CVXUSDT #ConvexFinance #CryptoAnalysis #DoubleBottom #ReversalPattern #BullishSetup #AltcoinAnalysis #SupportResistance #CryptoBreakout #TechnicalAnalysis
1. Strong Demand Zone (Key Reversal Area)
CVX price has repeatedly tested a strong support zone around $1.43 – $2.20 (highlighted in yellow). This area has acted as a major accumulation zone, showing strong buyer interest and serving as a critical base support.
2. Potential Double Bottom Formation (Bullish Reversal Pattern)
A potential Double Bottom or Adam & Eve pattern is forming within this demand zone — a classic bullish reversal structure, indicating a possible trend shift to the upside.
3. Key Resistance Levels (Bullish Targets):
$2.90 – Minor resistance, likely to be tested in the short term.
$3.46 – Significant psychological and technical resistance.
$4.98 – Major resistance and neckline of the double bottom pattern.
$6.76 – Strong weekly resistance, a potential medium-term target.
$15.77 & $47.97 – Long-term targets if a macro bullish trend emerges.
Bullish Scenario:
If the price holds above the $2.20 support zone:
Gradual upward movement expected toward $2.90 → $3.46 → $4.98.
A confirmed breakout above $4.98 could trigger a rally toward $6.76.
Full bullish confirmation would occur if the price breaks and holds above $6.76, indicating a longer-term trend reversal.
Bearish Scenario:
If price breaks down below the $1.43 support level with a weekly close:
The double bottom structure would be invalidated.
Price could enter new price discovery territory, potentially heading below $1.00.
Market sentiment would turn significantly bearish.
Strategic Conclusion:
CVX/USDT is currently at a critical decision point. A strong historical support zone suggests a high potential for bullish reversal. Confirmation of the bullish structure requires a breakout above $4.98. However, caution is needed if price breaks below $1.43, as it may indicate structural failure.
#CVXUSDT #ConvexFinance #CryptoAnalysis #DoubleBottom #ReversalPattern #BullishSetup #AltcoinAnalysis #SupportResistance #CryptoBreakout #TechnicalAnalysis
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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.