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CTXC Technical Analysis: Reversal Within Range Warns 30% Fall

Analytics

cryptoknowmics.com 17 June 2022 10:56, UTC
  
Reading time: ~2 m

CTXC prices showcase a bearish reversal from the overhead resistance at the $0.15 mark threatening a fall to the $0.084 mark. Key technical points:

  • The market price has increased 23.91% over the past 24 hours.
  • The 50-day SMA kickstarts the bearish reversal.
  • The 24-hour trading volume of Cortex is $63.5 Million, indicating a hike of 2400%.

Past Performance of CTXC

CTXC prices show a consolidation range between the $0.084 and $0.15 marks after a downfall in early May. The consolidation range shows a double bottom reversal from the $0.084 mark but fails to surpass the overhead resistance at $0.15. TradingView Chart Source- Tradingview

CTXC Technical Analysis

CTXC prices showcase a bullish failure to break above the $0.15 mark despite the surge in trading volume. Hence, the traders hoping for a breakout rally must wait for a price action confirmation. The crucial SMAs – 50, 100, and 200-days maintain a bearish trend, with the 50-day SMA providing resistance to delay the breakout. Hence, the 50-day SMA breakout will provide an entry spot for buyers. The RSI slope shows a bullish trend from the reversal at the oversold boundary, surpassing the 14-day SMA. However, the uptrend fails to surpass the halfway line resulting in a setback to the average line. The MACD indicator shows the fast and slow line struggling to give a bullish crossover to undermine the bearish alignment. Moreover, the diminishing negative histograms tease a potential bullish crossover. In a nutshell, the CTXC technical analysis displays the technical indicators supporting the breakout idea despite the 10% fall in the daily candle.

Upcoming Trend

CTXC prices will reach the bottom support level at $0.084 if the buyers fail to surpass the overhead resistance at $0.15. However, the range breakout will skyrocket the market value to the $0.20 mark. Resistance Levels: $0.15 and $0.20 Support Levels: $0.10 and $0.084


   Source
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