Cetus Protocol Double-Top: Correction Or Higher High?

16 oct.

Hello again, this project we are reviewing for the first time and the chart is now pointing toward a strong correction.

➖ CETUSUSDT produced a double-top pattern, with a higher high, and soon proceeded to move back below its March 2024 peak price.

The pair produced a strong bullish wave between August and October. If you compare the volume between early 2024 and last month, you can see a huge difference. Trading volume is much lower this time around even though prices moved higher than in March.

➖ As soon as CETUSUSDT moves back below the top that was hit in March, the chart potential becomes extremely bearish.

Just as there was a correction after the last bullish wave, this bullish wave is also likely to lead to a correction.

It goes like this:

➢ As long as CETUSUSDT trades weekly below 0.22, bearish potential is dominant.

➢ On the other hand, if CETUSUSDT moves and closes weekly above 0.22, which is the last major high before the recent one, the conditions turn bullish.

Since the price is now below this level, black line on the chart, the conditions are bearish and we can expect lower prices next.

Thank you for reading.

Namaste.