$CVX Breaks the Sideways Pattern — Are We Witnessing a Breakout to $3.80?
#CVX/USDT is back in the news after a strong move that saw it break the sideways range, recording a +4.18% gain and settling at $3.387, amid technical signals supporting the continuation of the positive momentum.
Quick Technical Analysis:
Bollinger Bands:
The price has broken the middle of the band (MB: 3.327) and is heading towards the upper boundary, indicating the beginning of a new upward wave if $3.45 is broken.
Moving Averages (MA5 and MA10):
A bullish crossover is about to form, reflecting a gradual shift in the trend from sideways to bullish.
RSI (6): 58.13
The Relative Strength Index (RSI) is gradually rising and remains in the safe momentum zone, supporting the continuation of the uptrend.
MACD:
A new positive crossover is looming, with the MACD line close to crossing the signal line, which may confirm the upward movement in the coming days.
Suggested Trading Strategy: "Breakout with Momentum Confirmation"
Suggested Entry Area:
Upon a retest of the $3.32-$3.36 level, or after a clear break of the $3.45 level with high trading volume.
Stop Loss:
Below the $3.14 level (local low).
Profit Targets:
First Target: $3.60
Second Target: $3.82
Extended Target: $4.00 if the momentum continues.
Do you think CVX will break the $3.80 barrier soon? Or does the market need more consolidation? Share your analysis in the comments!
