Looking at the daily chart of CVC/USDT, we're seeing an interesting pattern developing that warrants attention. Let me break down what I'm seeing:
Long-Term Structure:
Major descending trendline from early 2024 highs
Price respecting yellow highlighted accumulation zones
Multiple touches of key support levels showing strong buyer interest
Recent Developments:
Price Action
Currently testing the upper boundary of the accumulation zone
Respecting the yellow box support consistently
Recent rejection from local high shows short-term weakness
Technical Signals:
MACD:
Showing bearish crossover attempts but lacking strong momentum
Histogram bars decreasing but not aggressively
Overall ranging pattern in the indicator
RSI:
Currently neutral, around mid-levels
No significant divergences
Showing balanced momentum
Key Levels to Watch:
Resistance: $0.18 (Previous swing high)
Support: $0.14 (Upper accumulation zone)
Critical Support: $0.12 (Lower accumulation zone)
What Makes This Interesting:
The accumulation zones (yellow boxes) have been respected multiple times
Price consistently bounces from these zones
Lower highs forming under descending trendline
Volume patterns suggest accumulation rather than distribution
Trading Implications:
Short-term: Cautious bearish bias
Medium-term: Potential accumulation phase
Long-term: Watch for break of descending trendline
Conclusion:
While immediate price action suggests bearish pressure, the repeated respect of accumulation zones indicates strong underlying support. The key decision point will be at $0.14 - a break below could trigger a move to $0.12, while holding could set up for another test of $0.18.