CBX Technical AnalysisThe CBX chart displays a clear double-bottom pattern at $0.008. This pattern typically suggests a potential reversal from a downtrend to an uptrend.
The double bottom formation on 4hr chart is taking place around a robust support zone at $0.008, which enhances the pattern's positive view. This indicates bullish sentiment among investors and traders towards CBX.
There is an increase in volume near the double bottom formation, often signaling the accumulation phase where significant investors are entering the market. The higher volume on the second bottom implies more buying activity.
The 200-period Moving Average is currently at the $0.0128 level, suggesting that CBX has a higher chance of retracing to this level in the short term.
The target area indicated on the CBX chart suggests a substantial upward movement, with a potential to reach $0.018 (130%), aiming towards the resistance zone.
Overview:
Based on this analysis, the CBX/USDT chart shows promising signs of a bullish reversal. If the price breaks above the resistance zone ($0.018) with strong volume, it could lead to a significant upward move, making it an attractive opportunity for traders and investors.
