Ternoa ready to cross the CAP? – The project, which aims to develop a multi-chain network for NFTs, wants to set up NFTS compatible with each other to respond to different use cases within the framework of a decentralization of applications on the network 3. This project has a token, CAPS, which allows you to have management power, participate in securing the network and achieve rewards as part of an action program. But what about the development in the price? To find out more, let’s go to the charts to analyze this cryptocurrency!
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CAPS, an asset in difficulty on a weekly basis?
What we can see on a weekly scale is the downward trend that CAPS is in. At the moment we have no turnaround as the valleys and peaks have been declining for several weeks. Thus, you have understood that in order to hope for a trend reversal, it will be necessary to register lows and rising peaks.
At the moment, CAPS is dangerously close to its lowest closing at $ 0.039. It is essential not to close below this level if we do not want to see a continuation of the current decline. If we want to see a trend reversal on a weekly scale, it will be necessary to register a closure that is higher than the previous peak, equivalent to $ 0.056.
On the other hand, during its previous high point, you can see that the price stopped in an area that was previously a weekly support. Therefore, this former support, which now acts as resistance, must be broken upwards, that is the main purpose at present. In case the price is brought back to this level, the next big target is the pivot zone at $ 0.076 / 0.080, which I have represented in blue. Sometimes support, sometimes resistance, this is an important level that you need to keep in mind in the coming months. Of course we are not there yet. So let’s move on to the daily scale to refine the analysis.
Daily CAPS volatility crash
What we can see over the last few days is the crushing volatility that CAPS is facing in the market. Since price movements are not very consistent, can this be a sign of a strong return to volatility, in one direction or another? Meanwhile, we can also see a demonstration of buyers, a few times, on the zone 0.039 / 0.041 dollars (green zone). A clear loss of this zone, as I explained to you earlier, would be drawn to the continuity of the downward movement at levels we have never seen since the listing of the asset.
Besides the ghost of a bearish scenario that could turn investors’ portfolios into a bloodbath, what about a bullish scenario? To tell you the truth, CAPS still has a lot of work ahead of it, as it must first recover $ 0.046, a technical level to which the asset has responded on several occasions. Then, in another step, it will be necessary to permanently break the weekly resistance, which stands at $ 0.056. Once these two levels are regained, nothing has been decided yet to hope for a return to the weekly pivot zone.
To achieve this, CAPS will be confronted with two other levels, which are placed at $ 0.063 and $ 0.071. Once this is done, it is very likely that the asset may return to contact with its weekly pivot zone at $ 0.076 / 0.080. Of course, do not imagine a return in a straight line towards specific goals, which I had the opportunity to mention in my analysis. It is very likely that CAPS may take time to resume certain levels, as the progressive oscillation between supports and resistance is preferable in the event of a trend reversal.
I keep repeating it for you under the heading cryptocurrency Wednesday, but be vigilant when adding liquidity to an asset. It is imperative to measure its risk in relation to its capital and the situation in which the market finds itself. Here, as I told you, CAPS is facing a volatility crunch that will certainly result in strong price movements in both directions. But at the moment we have no sign of a bullish turn. So remember the different scenarios and levels that I had the opportunity to approach to avoid being surprised in the coming days and weeks.
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