Lorenzo Stroe
Independent Analyst
- CVC price exploded by 340% after the announcement of Coinbase listing.
- It seems that the digital asset could be topping out as a strong sell signal has been presented.
CVC was trading sideways for the majority of October until November 5, when Coinbase announced the upcoming listing of the digital asset. The price of Civic exploded by 62% within the next 24 hours and 344% after five days. Many indicators are now showing that CVC’s price is poised for a pullback in the short-term.
Civic price facing stiff resistance ahead after a major rally
On the 4-hour chart, the TD Sequential indicator has presented a sell signal while the RSI continues climbing into the overbought zone. Selling pressure keeps mounting for Civic which seems to be poised for a pullback.
CVC/USD 4-hour chart
Validation of the sell signal can quickly drive the price of CVC towards $0.08 and lower as there aren’t too many clear support levels on the way down. The 50-SMA is currently established at $0.04 which would be the lowest bearish price target.
CVC IOMAP chart
However, despite the current selling pressure, the In/Out of the Money Around Price chart shows a lot of support below $0.09 compared to the resistance ahead. The area between $1.02 and $1.05 seems to be the strongest with a volume of 356,000 CVC. A breakout from this point will most likely push CVC’s price to a new two-year high above $0.111
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?