CUDOS has been trading close to the $0.042 support area since its inception.
The CUDOS breakout from a descending resistance line could signal that it will begin an upward movement.
CUDOS/USD
CUDOS does not have a long price history, with the data only beginning in February. The token has been trading above the $0.042 support area throughout this entire period, having validated it thrice.
After the third touch of the support, which occurred on March 9, CUDOS began to move upwards. This caused a breakout from a descending resistance line.
Since then, CUDOS has been retracing. It is potentially in the way to re-test the $0.042 level once more.
While the Stochastic oscillator has made a bullish cross, the RSI is still neutral.
At the current time, there isn’t sufficient information to determine whether CUDOS will move upwards.
If it does, the next closest support area would be found at $0.086.
As long as the token does not close below the $0.042 support area, we can assume that the trend is bullish.
CUDOS/ETH
Since the token is mainly traded on the Uniswap exchange, the movement CUDOS/ETH pair is important.
The movement is relatively similar to the USD pair since it shows a breakout from a descending resistance line.
The breakout occurred after it created a double bottom. The double bottom is considered a bullish reversal pattern.
Furthermore, technical indicators are bullish. The Stochastic oscillator has made a bullish cross, and the RSI is in the process of moving above 50.
Therefore, it is possible that the token price could increase to the next resistance area at 0.000055 ETH.
Conclusion
To conclude, there isn’t sufficient price history to determine whether CUDOS will initiate a significant upward movement. However, the early signs are positive, indicating that at least a short-term upward movement is likely.
For BeInCrypto’s latest bitcoin (BTC) analysis, click here.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
