- Crybervein consolidates above under $0.25 after recovery from last week’s low at $0.01942.
- The formation of a falling triangle pattern suggests that a breakout is in the offing.
Cybervein (CVT) is showing incredibly strength against the US dollar. Towards the end of April the digital asset rallied to $0.0320. However, the bullish momentum remained unsupported, allowing sellers to enact their revenge. Over the last two weeks, CVT/USD has thinned in value, breaking several support zones at $0.025 and $0.0220
At the time of writing, Cybervein has recovered to highs of $0.0242. The price is also seating above the moving averages where the 50 Exponential Moving Average (EMA) and the 21 EMA are providing support at $0.0238 and $0.0236 respectively. On the upside, the bulls are dealing with the resistance at the falling triangle (descending trendline). A break above this zone would catapult CVT to highs seen in the last week of April ($0.032).
From a technical perspective, Cybervein is in the hands of the bulls. The Relative Strength Index (RSI) is moving further up above the average (50). Meanwhile, the low trading volume hints that sideways action (consolidation) could take center stage before the aforementioned breakout comes into the picture. If push comes to shove and a reversal occurs, additional support to the moving averages lies with $0.0220, $0.0200.
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