Technical Analysis for $CVC /USDT, along with trade signals and target levels

Current Price: 0.1868 USDT

24h High: 0.2164 USDT

24h Low: 0.1845 USDT

Support & Resistance Levels:

Immediate Support: 0.1845 USDT (Strong support level observed from the 24h low)

Immediate Resistance: 0.2000 USDT (Psychological level and recent resistance)

Trend Analysis:

Overall Trend: Bearish (Price has been on a downward trajectory over the last 24 hours with a significant drop of 10.88%)

Momentum: Negative (Price is losing momentum with each passing time frame)

Key Indicators:

1. RSI (Relative Strength Index):

Current RSI: Around 40 (indicating the market is nearing oversold conditions, but not yet reversing)

Next Target RSI: If the price continues to drop, RSI might approach 30, signaling a potential oversold condition.

2. Moving Averages:

50 EMA: Sloping down (confirming the bearish trend)

200 EMA: Above current price, indicating the longer-term trend is still bearish.

3. MACD:

MACD Line: Below Signal Line, confirming the bearish momentum.

MACD Histogram: Negative, showing the strength of the downtrend.

Trade Signals:

1. Bearish Signal:

If the price breaks 0.1845 USDT, consider shorting towards the next support level at 0.1700 USDT.

Stop Loss: Place stop-loss just above 0.1900 USDT to minimize risk.

2. Bullish Reversal Signal:

If the price manages to recover and surpass 0.2000 USDT, look for a long trade with targets set at 0.2100 USDT.

Stop Loss: Place stop-loss below 0.1850 USDT to protect from a false breakout.

Target Levels 🎯:

1. First Target: 0.1900 USDT (Approaching resistance zone, potential short-term bounce)

2. Second Target: 0.2100 USDT (Critical resistance level, where the price could face rejection or breakout)

3. Third Target: 0.2300 USDT (Longer-term resistance target if a bullish reversal gains momentum

Trade Momentum:

Short-Term: Bearish (Price is declining with consecutive lower highs and lower lows)#BinanceListsVelodrome