This is the latest analysis based on real-time - 12:15 November 15, 2024 (Vietnam time)
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Overall Trend
Based on the current chart, the overall trend of CETUS/USDT shows signs of weakness with selling pressure dominating. The price is hovering around 0.3484 USDT and there are no clear signs of a strong breakout in any direction.
The long-term trend remains bearish as prices are below the long-term moving average (MA99), while the short-term trend is also facing obstacles as prices fail to stay above the shorter moving averages (MA7).
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1. Moving Average (MA) Analysis
On the CETUS chart (image below), there are two important moving averages, MA7 and MA99:
MA7 (7-period): This line usually reflects the short-term trend of the price. The price fluctuates near the MA7 line but has not been able to break out clearly. This is a sign of weak buying power, and if the price cannot stay above the MA7, the short-term downtrend may continue.
MA99 (99 Periods): Reflects the longer-term trend. Currently, the price is below MA99, indicating that the long-term trend is still bearish. MA99 is acting as a strong resistance level, preventing CETUS from rising.
Combining both MA lines shows that the overall trend of CETUS is currently leaning towards the bearish side, and there is a possibility of more corrections continuing in the short term if the price fails to break above the MA7 or MA99.
Moving Averages help analyze short and long term trends.
Simple Moving Average (SMA): SMA is the average of prices over a given period of time (e.g. 50 days or 200 days).
Exponential Moving Average (EMA): EMA is also an average of prices but gives more weight to the most recent days, which helps reflect the current trend better than SMA.
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2. Trading Volume
Looking at the trading volume, it can be seen that the volume bars increase as the price falls, especially the red volume bars (selling pressure dominates). This shows that the current market interest is tilted towards selling, putting pressure on the price and limiting the possibility of recovery.
Increased volume during down sessions shows that selling pressure is strong and sellers are now dominant. This is a negative sign for the short-term trend.
If volume increases as price recovers, it would be a more positive signal, indicating a return of buying pressure.
Trading volumedisplayed below the chart, with green and red bars.greenindicates overwhelming buying volume, whileredshows sales volume.
They are the total number of transactions of an asset over a given period of time. High volumes are often accompanied by strong price movements.
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3. Order Book Analysis
The order book on the left shows buy/sell volume at different prices.
At 0.3484 USDT, the buy volume is relatively large, indicating that there is buying interest at this price, but more buying power is still needed to push the price higher.
Sell orders near resistance levels show that sellers are willing to sell as the price moves up. This will put more pressure on CETUS as it tries to break above resistance levels.
The highest bid price is 0.3480 and the lowest ask price is 0.3484, indicating that the gap between the bid and ask prices is not large, which may be a sign of stable liquidity. It also shows that the price is likely to continue to fluctuate in a narrow range if there is no breakthrough in volume.
Order Book is an analysis of buy/sell orders in the market and their impact.
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4. Price Action
Identify price action based on candlestick patterns: In the chart, large red candles indicate strong selling pressure. Small green candles may indicate weak recovery momentum.
Large red candlestick patterns appear frequently, indicating strong selling pressure from the market. Small green candles indicate weak recoveries, buying pressure is not strong enough to maintain the uptrend.
This shows that selling pressure is dominant and the rallies are temporary. Without a strong breakout, the price may continue to struggle.
Support and Resistance Zones
Support Zone: The price level of 0.3407 USDT is currently a short-term support. If the price drops and holds at this level, there may be a temporary bounce.
Resistance Zone: 0.3485 - 0.3500 USDT is a strong resistance. If CETUS breaks through this level with high trading volume, a short-term uptrend may begin.
This support and resistance zone plays an important role and can be considered as entry and order points for investors.
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5. Potential Factors to Consider
CETUS price is approaching nearby support and resistance levels, so a sudden move could happen if price breaks these levels.
Watch indicators and trading volume to determine the next trend. If buying volume increases significantly, there may be an upward reversal, while if selling volume remains strong, the downtrend may continue.
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Summary and Conclusion
Currently, CETUS is showing signs of weakness with the downtrend dominant. High selling volume coupled with the inability of the price to sustain above the short and long term moving averages makes it difficult to break the short term downtrend immediately. A breakout above the resistance zones with high trading volume is needed to reverse.
If you are a long-term investor, you need to observe more macro factors or news affecting the market to determine the appropriate time to enter an order.
For short-term investors, observing the nearest support and resistance zones will be a safe strategy to manage risk.
The above analysis hopes to provide the community with a detailed and comprehensive overview of the current state of CETUS. Simple and easy to understand for beginners to access.
Every day, Cripto will post similar analysis with different coins. Follow CRIPTO (@caocaoo2211 ) to update technical indicators or interesting information about crypto!
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Note: Crypto markets are highly volatile, and relying on technical analysis does not guarantee results. Please consider and make decisions based on your risk tolerance.
