$CVX

CVX/USDT Technical Analysis – 23 Dec 2024

Current Price: $4.269 (+11.93%)

24H High/Low: $4.476 / $3.763

24H Volume: 1.62M CVX ($6.68M USDT)

✅Market Overview

CVX/USDT has shown strong bullish momentum with a significant gain of +11.93% in the last 24 hours. The price is approaching resistance levels, and key indicators suggest potential further movement. Let’s outline three trading targets 🎯 based on the data.

Key Targets 🎯

1️⃣ Target 1: $4.50

Rationale: Near the 24h high ($4.476) and slightly above the current resistance. This level aligns with the upper Bollinger Band, which could act as a temporary ceiling.

Action: Watch for volume spikes and SAR support at $4.141 to confirm a move toward this level.

2️⃣ Target 2: $4.75

Rationale: A medium-term target based on Fibonacci retracement and historical price action. Breaking $4.50 could trigger momentum buying, driving the price to this resistance zone.

Action: Monitor EMA and MACD for a continuation signal, and consider partial profit booking near this level.

3️⃣ Target 3: $5.00

Rationale: A psychological resistance level that would represent a significant breakout. If momentum persists, this target could be tested.

Action: A confirmed breakout above $4.75 with strong volume is essential before aiming for $5.00.

➡️Indicators to Monitor

SAR (Stop and Reverse): $4.141 is a key support level. Staying above this level indicates continued bullish momentum.

Bollinger Bands: Currently near the upper band; a breakout could lead to further upward movement.

MACD: Look for bullish crossovers to confirm strength.

➡️Trading Strategy

1. Support Levels: $4.141 (SAR) and $3.763 (24h low) are key support zones for risk management.

2. Momentum Play: Entry on break above $4.50 with stop-loss near $4.14 to manage downside risk.

3. Profit Booking: Consider scaling out at $4.75 and $5.00 to lock in gains.

#GrayscaleSUITrust #ElSalvadorBTCReserve #BinanceAlphaAlert #USUALAnalysis