📊 Technical Analysis for $CVX

/USDT on Binance

Current Price: $5.35 (+17.47%)

24h High/Low: $5.416 / $4.479

Volume: 7.41M USDT (24h)

Trend Analysis:

CVX/USDT is showing strong bullish momentum after breaking key resistance levels. The price has surged by over 17% in the last 24 hours, supported by significant trading volume. Buyers are dominating the market, with the next potential targets aligned with Fibonacci retracement levels and historical resistance zones.

🎯 Targets to Watch:

1. Target 1: $5.50

Rationale: Immediate resistance based on the psychological barrier and current price action. A breakout above $5.50 could signal continued bullish momentum.

2. Target 2: $5.85

Rationale: This aligns with a historical resistance level from previous trading sessions and coincides with Fibonacci extensions.

3. Target 3: $6.10

Rationale: If the bullish sentiment persists, this level represents a strong upside potential where previous consolidations occurred.

Key Support Levels:

$5.00: Immediate support where price consolidated before the recent breakout.

$4.80: Strong support from the last dip, providing a safety net for retracements.

Indicators:

RSI: Approaching overbought territory; watch for potential pullbacks.

MACD: Positive crossover indicates continued bullish momentum.

Conclusion:

CVX/USDT is in a bullish phase, and traders should monitor key levels for breakout confirmations or retracements. Manage risks effectively by using stop-loss levels near $4.80.

💹 Happy Trading!

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