- CCL price is currently trading at $17.99.
- CCL has recently given a breakout of the $16.70 resistance level and is using it as a support level.
- CCL price is currently trading above the $16.70 level and is forming a symmetrical triangle formation.
Will Big Longs Be Seen after the Consolidation Phase?
CCL was in the consolidation phase for 4 months around June 2022 to September 2022, and then, there was a breakdown after that consolidation phase. After that, CCL price was only giving false breakdowns and trapped every seller. From there, it started moving in the upside direction and was also forming an ascending triangle pattern and gave a breakout of that pattern and the resistance level of $12.60. With the strong continuation of the bullish move, the price broke the $16.70 resistance also. Currently, the price is sustaining above the $16.70 level, forming a very strong base with a symmetrical pattern in forming which shows the presence of buyers on that level. A symmetrical pattern or bullish flag pattern is considered a continuation of the bullish move after a strong bullish rally. If the price sustains over the $16.70 level and also the price gives us a breakout of the upper trendline in the symmetrical or bullish flag pattern, then a good upside move is expected till $21.40, which will act as the next resistance.
In the CCL chart, it is seen that there was a recent crossover of the 50 (yellow line) and the 200 (red line). And currently, the price is trading above both the EMAs and is trending in an upward direction. If the price takes the support of the EMAs, and sustains over them, it will be a good sign for an upward move.
Relative Strength Index (RSI) was in the overbought territory, and currently, it is trading at 55.29. This is a good sign because it shows that half of the retracement or pullback has been done. If the RSI sustains over the 50 level, then a good bullish momentum is expected.
In supertrend, as long as the price is above the green line or the price is trading above, the green, bullish momentum is valid.
Conclusion
The overall market sentiment is bullish. Currently, the price is sustaining above the $16.70 level. If the price breaks the upper trendline, then the market can be in a bullish sentiment, again.
All the indicators are currently positive, showing that the price is currently in the consolidation phase after a big rally, which is a good sign for bullish momentum.
Technical levels
Resistance levels:$21.40
Support levels: $16.70
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
