CETUS/USDT Technical Analysis – At a Very Critical Support Level
On looking at the chart Cetus, it is very clear that the price of the coin has pulled back to the final support level of $0.0985, which has acted as a very strong demand zone in the past and from which the price has reacted upwards. Yet, the chart indicates that this time things are very different since the price has come to this final support area with great downward momentum.
It seems that the sell pressure has gained momentum upon the breaking of the $0.1214–$0.1253 area, and the closures below this level have weakened the technical outlook. We see that $0.0985 is a very critical threshold for the price currently. Should this level get lost, the price might go down to the last line of defense — $0.082–$0.075.
However, the initial resistance levels could be $0.1153 and $0.1214, provided that the price reacts from this support level and moves upwards. Also, these resistance levels require a high buy volume to be exceeded, as they have become strong zones.
To summarize, the general outlook is weak and the sell trend continues, but it must also be added that a short-term reaction is possible as it is in a support area.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to market conditions. However, the responsibility for making transactions and risk management belongs entirely to the user. In addition, it is strongly recommended to use stop-loss (SL) in relation to shared transactions.
