CUC/USDT; technical analysis November 2022. Sellers are still in control
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Dear users anf Cuprum Coin fans,
It’s been the third full month since CUC hit the market, and we continue to be under pressure from pre-sale buyers, now sellers.
As we showed in our analysis from October, the price of 3.00 USDT remained a strong technical support, and at the same time obviously a psychological one. Sellers are probably stopping there because selling at that level allows them to get back to BTC and ETH they traded into CUC during our presale in October/November 2021.
But with BTC and ETH down over 75%, the CUC sell ratio at 3.00 USDT allows for a 1:1 return to the same. Of course, it should be noted that with this return, the seller realizes a real loss of over 75%, while CUC holders still have an apparent loss only on paper.
Why am I writing it that way? Therefore, because the current price of CUC due to the still very low liquidity does not reflect the true situation, and with only a slightly higher volume, CUC can easily compensate for the realized loss from the pre-sale, while BTC and ETH cannot achieve this so easily.
So, during November, CUC/USDT has a reduced trading range between 3.00 and 4.00 USDT for more than half of the first part of the month, and then the sale became stronger, so that in the second part of the month the sale was lowered to the level of 3.50, at the end even 3.200 to 3.100 USDT on the last day of November, when the lowest closing day was achieved at the level of 3.0976 USDT.
As you can see on the chart, the so-called descending triangle, (we also had it in October), has been formed again, and if the support at 3.00 USDT breaks through more strongly, there is a possibility that the price will continue to fall. In case the buyers take control, that line must break to the upside to relieve the pressure. If that happens, there is a possibility that CUC/USDT will remain in the range of 3.00 to 4.00 USDT during December.
We continue to monitor the Cuprum Coin TA and beyond, we believe that our view of the situation in this way helps you make decisions about the possible sale or purchase of CUC.
CUPRUM COIN, The Cryptocurrency of the Future
