CUC/USDT; technical analysis May 2023. Despite the excellent news, the bears have put a lot of pressure on the price.
Cuprum Coin CUC/Tether USDT technical analysis May 2023
Dear users and fans of CUC,
Although the bulls took control of the price already in April, the beginning of May brought a lot of optimism, when you expected news about a new partner and many changes in our project. After the brief announcement of the signing of strategic cooperation on May 8 in our Telegram group, the bulls broke through the strong technical resistance at the price of 3.00 USDT, and reached the highest price in 2023, 3.8419 USDT, and even ended the day at around 3.50 USDT .
However, just one day after May 9, the bears took advantage of that opportunity and started pushing the price down, where they did not stop until the end of the month, which closed as low as 1.9144 USDT.
Although in the middle of the month there were a lot of changes related to the signed cooperation, which we had to make due to certain very nasty games of certain participants in this deal, we officially announced the strategic cooperation on May 23, but even that did not reverse the course of events on the market, but the pressure on the price became stronger. Well, you should not be surprised by the events on the market, because you never know why certain things happen, it is never accidental and usually always has some background, and a resolution at the end.
Let’s see how it looks on the daily chat. So, it is obvious that the period from May 8 to May 13 was, as we analysts and traders would say, a fail break. Therefore, the price has returned below the previous strong resistance at the level around 3.00 USDT. After that, the so-called descending triangle was formed, which pushed the price down a lot and at this moment is exactly at the level of a slightly stronger support of around 1.80 to 2.00 USDT.
Of course, seeing the constant selling pressure, stronger buyers have retreated to the level between 1.60 USDT down to 1.30 USDT at the moment and are waiting there for a potential stronger sell.
Considering that we have seen all kinds of nonsense from the sellers since we were listed on the market, it is not strange that buyers react like that, I would say very smart.
We are still at very low liquidity, and any stronger buying or selling can change the price a lot, both up and down, so be careful and if you buy, my suggestion is as always, be patient and wait.
Let’s see what June will bring us?
