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📉 Technical Analysis of the asset C/USDT: Descending Wedge 📈
The chart is forming a "descending wedge" pattern, which is often considered a bullish reversal pattern. Two converging downward trend lines narrow the price movement — a potential signal for a breakout upward.
📊 Indicators:
MA 7, 25, 99: The price is below all MAs, confirming a downward trend; however, MA 7 crosses MA 25 from below to above — a possible early reversal.
Ichimoku: Price is below the cloud, which strengthens the bearish scenario. Chikou Span is below the price - the trend is still downward. However, the thin cloud may herald an imminent impulse.
🔍 Key levels:
Support: 0.2981 – 0.2947 — possible bounce zone.
Resistance: 0.3063 – 0.3058 + upper boundary of the wedge + MA + Kumo.
📌 Withdrawal:
The trend is still bearish, but the descending wedge + thin cloud indicate a chance of a reversal upwards.
Break above 0.3063 and the trendline = long signal.
Break below 0.2947 = continuation of the decline.
⚠️ DYOR. Not financial advice.