CVX/USDT Weekly Analysis — Strong Reversal Zone Could

Technical Analysis:

1. Strong Demand Zone (Key Reversal Area)
CVX price has repeatedly tested a strong support zone around $1.43 – $2.20 (highlighted in yellow). This area has acted as a major accumulation zone, showing strong buyer interest and serving as a critical base support.

2. Potential Double Bottom Formation (Bullish Reversal Pattern)
A potential Double Bottom or Adam & Eve pattern is forming within this demand zone — a classic bullish reversal structure, indicating a possible trend shift to the upside.

3. Key Resistance Levels (Bullish Targets):

$2.90 – Minor resistance, likely to be tested in the short term.

$3.46 – Significant psychological and technical resistance.

$4.98 – Major resistance and neckline of the double bottom pattern.

$6.76 – Strong weekly resistance, a potential medium-term target.

$15.77 & $47.97 – Long-term targets if a macro bullish trend emerges.


Bullish Scenario:

If the price holds above the $2.20 support zone:

Gradual upward movement expected toward $2.90 → $3.46 → $4.98.

A confirmed breakout above $4.98 could trigger a rally toward $6.76.

Full bullish confirmation would occur if the price breaks and holds above $6.76, indicating a longer-term trend reversal.


Bearish Scenario:

If price breaks down below the $1.43 support level with a weekly close:

The double bottom structure would be invalidated.

Price could enter new price discovery territory, potentially heading below $1.00.

Market sentiment would turn significantly bearish.


Strategic Conclusion:

CVX/USDT is currently at a critical decision point. A strong historical support zone suggests a high potential for bullish reversal. Confirmation of the bullish structure requires a breakout above $4.98. However, caution is needed if price breaks below $1.43, as it may indicate structural failure.


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