CTXC Technical Analysis: Reversal Within Range Warns 30% Fall

Key technical points:

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.

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