- SWELL is likely to consolidate below $0.045 in the coming hours.
- The small market cap and high trading volume pointed to further gains.
As a seasoned researcher with years of experience in the cryptocurrency market, I find myself cautiously optimistic about Swell [SWELL]. Having closely observed the price action and liquidity levels, I believe there is a strong possibility that SWELL could consolidate below $0.045 in the coming hours. However, it’s important to remember that the small market cap and high trading volume point to further gains, given the bullish sentiment across the market.
The cryptocurrency known as Swell has managed to climb over its temporary resistance at $0.4, entering yet another period of price exploration. Given that it’s a newly introduced token, the overall optimistic atmosphere in the crypto market should help boost Swell’s growth.
Swell crypto breaks past recent highs
Due to its recent entry into the market, the available information about the token’s price movement is quite scarce. As we look back to November 7th, SWELL found resistance at around $0.0393 and couldn’t manage to end a trading day above this level.
As a researcher, I noticed that the volume started to dwindle toward the end of the day, but things began to shift on the 8th. Interestingly, the $0.039 region was revisited as a support level before Swell crypto experienced a significant rally. Over a span of just two hours, Swell surged by an impressive 25.2%.
Currently, the market price is holding steady near $0.0453. If it falls below $0.039, this could signal a short-term bearish trend, potentially leading to a pullback toward the next key Fibonacci levels at $0.0375 and $0.0346.
Chances of a Swell consolidation
On the morning of November 8th, Swell’s price fluctuated between approximately $0.035 and $0.038. Over time, there had accumulated a significant number of short positions at around $0.0382 to $0.0394. These positions were liquidated in the past few hours.
Realistic or not, here’s SWELL’s market cap in BTC’s terms
To the south, there was a significant accumulation of Swell crypto at approximately $0.033. It’s plausible that Swell might drop to this level before experiencing a bullish turnaround. A more probable scenario is that Swell will consolidate around the range of $0.043 to $0.047, with liquidity likely to build up just beyond these levels.
An improvement below 0.04 cents, followed by a robust upward trend, would represent an optimal situation, although it’s not definitive. Traders should remain flexible, as they may encounter alternative, less favorable situations.
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2024-11-09 06:15