CETUS
Short term analysis:
This chart of CETUS/USDT depicts a descending triangle formation, typically a consolidation pattern that can break in soon. In this case, certain bullish indicators can be highlighted:
1. Price Compression at Apex: The price is converging toward the triangle's apex, signifying reduced volatility. This often precedes a breakout, and with the price holding near the upper boundary of $0.3241, an upward breakout could be likely.
2. Higher Low Formation: Despite the descending resistance, the most recent candles show a cluster of support near the $0.30 region. This suggests demand is building at lower levels.
3. Volume Dynamics: Descending triangles often witness declining volume during consolidation. A sudden surge in volume near the breakout could confirm the upward move.
4. Potential Breakout Targets: The height of the triangle ($0.4972 - $0.1905 = $0.3067) can be used to project the breakout target. If a breakout occurs above $0.3241, the potential target would be approximately:
$0.3241 + $0.3067 = $0.6308
5. Support and Resistance Levels:
Immediate resistance: $0.3241 (current triangle resistance).
Key support: $0.30 (previous low and horizontal support).
Strategy:
A confirmed breakout above $0.3241 with strong volume can validate a bullish move toward $0.63.
Monitor volume and broader market trends for confirmation!
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