Civic Price Analysis: CVC Sees Strong Support at $0.05 as the Market Rebounds

  • Civic has recently rebounded from all-time lows around the $0.05 handle.
  • The market upside is limited until price action can break above resistance at $0.077.
  • Support moving forward; $0.06, $0.05539, $0.05126, $0.05, $0.040, $0.03626.
  • Resistance moving forward; $0.077, $0.093, $0.097, $0.10, $0.1187, $0.1475, $0.17, $0.1928.

Civic has seen a small price uptick totaling 1.10% over the past 24 hours of trading as the cryptocurrency presently exchanges hands at a price of $0.0689, at the time of writing. After a troublesome November 2018, the market has finally found some stability as the market has increased by 4.79% over the past 7 trading days.

Civic is now ranked in 133rd position, holding a relatively small $23.60 million market cap. The Civic market has undergone a very stormy 30-day trading period as price action has dropped by over 48%. The 16-month old project is now trading at a value that is 94% lower than the all-time high price.

Let us continue to analyze price action for Civic over the long term.

Civic Price Analysis

CVC/USD – LONG TERM – DAILY CHART

From the long-term perspective above, we can see that the overall bearish market presented in our previous CVC analysis is still very much in play. Price action had managed to remain above the medium-term downside 1.272 FIbonacci Extension level (drawn in blue) priced at $0.097 since August 2018.

However, this all changed during the market-wide slaughter that occurred during November 2018 and CVC/USD fell below the support at $0.0097. The market had continued to fall during November 2018 until it found further support at the downside 1.414 Fibonacci Extension level (drawn in blue) priced at $0.05126.

Let u continue to analyze price action a little closer over the short term and highlight some potential support and resistance moving forward.

CVC/USD – SHORT TERM – DAILY CHART

Analyzing price action from a shorter time horizon, we can see that the market had found more specific support at a short-term downside 1.272 Fibonacci Extension level (drawn in purple) priced at $0.05539.

The previously bearish pressure was absorbed at this level of supportm allowing the market to rebound slightly.

The market has recently also pushed above the 7-day EMA (blue moving average) for the first time since early November 2018. Price action has also met resistance at the short-term bearish .236 Fibonacci Retracement level (drawn in red) priced at $0.07757. This Fibonacci Retracement is measured from the entire bearish decline during November 2018.

Looking ahead, if the buyers can continue with their attempted recovery and push price action above the resistance at $0.07757, we can expect more resistance above at the short-term bearish .382 Fibonacci Retracement level (drawn in red) priced at $0.09330, followed by more resistance at the psychological round number handle at $0.10.

If the bulls can continue to progress further above the $0.10 handle, further overhead resistance can be located at the short-term bearish .618 and .886 Fibonacci Retracement levels (drawn in red), priced at $0.1187 and $0.1475 respectively.

On the other hand, in our bearish scenario, if the buyers fail to break above the $0.077 resistance level and cause the market to roll over, we can expect further support below to be located at the previous short-term downside 1.272 Fibonacci Extension level (drawn in purple) priced at $0.05539, followed by the previous long-term downside 1.414 Fibonacci Extension level (drawn in blue) priced at $0.05126.

If the sellers then continue to travel further below the $0.05 handle, further support below can be expected at the short-term downside 1.414 Fibonacci Extension level (drawn in purple) priced at $0.03626.

The RSI has recently began to rise back toward the 50 handle but has not quite reached the level. If the RSI can continue to rise and penetrate above the 50 level, this would indicate that the bulls have resumed control of the market momentum and that CVC/USD can travel higher.

Let us continue to take a look at CVC/BTC over the short term and highlight any potential areas of support and resistance moving forward.

CVC/BTC – SHORT TERM – DAILY CHART

Despite the November 2018 price collapse, CVC/BTC has remained relatively stable only creating marginally fresh all time lows. For a long-term look on the CVC/BTC market, we recommend revisiting our previous analysis on CVC/BTC.

From the short-term perspective above, we can see that during the November 2018 price decline, the market had broken below our previous expected support at the long-term downside 1.414 Fibonacci Extension level (drawn in blue) priced at 1,626 SATS.

Price continued to fall until further support beneath was located at 1,432 SATS, provided by the medium-term downside 1.272 Fibonacci Extension level (drawn in purple).

Price action has recently rebounded from this area of support to meet higher resistance at the aforementioned downside 1.414 FIbonacci Extension level (drawn in blue) priced at 1,626 SATS.

Looking ahead, if the bulls can continue to penetrate above the resistance at 1,626 SATS, we can expect further higher resistance to be located at the short-term bearish .236 and .382 Fibonacci Retracement levels (drawn in red), priced at 1,681 SATS and 1,834 SATS respectively.

Further resistance above 1,834 SATS can be expected at the short-term bearish .618 and .886 Fibonacci Retracement levels (drawn in red), priced at 2,082 SATS and 2,364 SATS respectively.

Alternatively, if the market fails to break above the resistance at 1,626 SATS and chooses to reverse once again, we can expect immediate support below to be located at the downside 1.272 Fibonacci Extension level (drawn in purple) priced at 1,432 SATS, followed by the downside 1.414 Fibonacci Extension level (drawn in purple) priced at 1,336 SATS.

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