Technical analysis by Abdihalim1 about Symbol CVC on 12/22/2024

Looking at the daily chart of CVC/USDT, we're seeing an interesting pattern developing that warrants attention. Let me break down what I'm seeing:Long-Term Structure:Major descending trendline from early 2024 highsPrice respecting yellow highlighted accumulation zonesMultiple touches of key support levels showing strong buyer interestRecent Developments:Price ActionCurrently testing the upper boundary of the accumulation zoneRespecting the yellow box support consistentlyRecent rejection from local high shows short-term weaknessTechnical Signals:MACD:Showing bearish crossover attempts but lacking strong momentumHistogram bars decreasing but not aggressivelyOverall ranging pattern in the indicatorRSI:Currently neutral, around mid-levelsNo significant divergencesShowing balanced momentumKey Levels to Watch:Resistance: $0.18 (Previous swing high)Support: $0.14 (Upper accumulation zone)Critical Support: $0.12 (Lower accumulation zone)What Makes This Interesting:The accumulation zones (yellow boxes) have been respected multiple timesPrice consistently bounces from these zonesLower highs forming under descending trendlineVolume patterns suggest accumulation rather than distributionTrading Implications:Short-term: Cautious bearish biasMedium-term: Potential accumulation phaseLong-term: Watch for break of descending trendlineConclusion:While immediate price action suggests bearish pressure, the repeated respect of accumulation zones indicates strong underlying support. The key decision point will be at $0.14 - a break below could trigger a move to $0.12, while holding could set up for another test of $0.18.