Price is currently trading around 1.98, posting a solid +7.6% daily move, showing clear signs of renewed bullish momentum. After a sharp pullback from the 2.44 high, the market flushed weak hands and found a strong base near the 1.70 support zone, which acted as a demand area multiple times.
On the 1D timeframe, we can see price reclaiming key levels and attempting to flip previous resistance into support. The recent bounce is backed by healthy volume, signaling that buyers are stepping in with confidence. The Supertrend indicator is still above price, but momentum is shifting fast — a daily close above 2.05–2.10 could trigger a full trend reversal.
Structurally, this looks like a classic higher low formation after a deep correction. As long as price holds above 1.85–1.90, bulls remain in control. Upside targets lie around 2.10, 2.29, and potentially a retest of the 2.44 resistance if momentum accelerates.
A breakdown below 1.70 would invalidate the bullish setup, so risk management is key.
Overall, this chart is setting up for a high-volatility move. Eyes on the next daily close this could be the start of something big
CVXUSDTPerp1.744-11.83%
