- CSWAP crypto is yet to halt its intense rally.
- Buyers can wait for a dip to enter, deep retracements are possible.
As a seasoned researcher with years of experience in the crypto market, I must say that the current rally of ChainSwap (CSWAP) is nothing short of impressive. Having closely observed its price action since July, I’ve seen it consolidate within a range before breaking out convincingly in the past few days.
chainSwap (CSWAP) approached the potential hurdle of the $0.1 resistance level, which it hadn’t breached since May, following its price movement within a particular range since July. This prolonged period of consolidation was broken due to increased demand, leading to significant growth in chainSwap.
During this upward trend, CSWAP bulls have identified three significant levels of resistance they aim to conquer in the long term. The initial level at $0.08 seems to have been breached and now serves as potential support. Can the buyers maintain this momentum and keep pushing prices higher?
CSWAP crypto breaks long-term range convincingly
Between July and November, the value of CSWAP fluctuated between $0.0211 and $0.0475. This middle point, specifically $0.0345, acted both as a potential floor (support) and ceiling (resistance) for the currency, for example in September and October.
Over the last six days, the value of ChainSwap has been steadily climbing. On the 25th of November, daily trading volume was around $313.8k, but it skyrocketed to $1.04 million just the following day, on the 26th of November.
This surge in volume occurred when the price exceeded the upper limit of its range on the 26th. The market’s reaction suggested optimism towards the asset, enabling the bulls to secure a profit of approximately 87% over the subsequent three days.
Over the last several days, there’s been a significant upward trend that has successfully shattered the previous range. Furthermore, a notable milestone at $0.0769 was surpassed on elevated trading activity.
In simpler terms, we anticipate that the range between $0.094 and $0.1 may obstruct further price increases because it represents a significant psychological barrier for buyers. This level has shown resistance earlier this year in May too.
Is your portfolio green? Check the CSWAP Profit Calculator
At the moment of reporting, the Cumulative Moving Average (CMF) stood at 0.24, suggesting substantial investment flows towards the ChainSwap token market. Furthermore, the Moving Average Convergence Divergence (MACD) signaled robust upward movement as well.
Investors considering a buy position might find it beneficial to observe if the price returns to the range of $0.068 to $0.08 in the upcoming days. Beyond that, potential long-term goals could be the levels at $0.132 and $0.19.
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2024-11-28 20:07