Journalist
Published:
- The CSWAP crypto has not yet stopped its intense rally.
- Buyers can wait for a dip to enter, deep retracements are possible.
ChainSwap (CSWAP) was poised to challenge the $0.1 resistance zone from May after trading in a range since July. Long-term consolidation was halted as strong demand fueled CSWAP’s gains.
There are three key long-term resistance levels that CSWAP bulls will target during this rally. The first at $0.08 looked broken and tilted towards support: can buyers sustain this rally?
CSWAP crypto breaks long-term range convincingly
Source: CSWAP/USD on TradingView
From July to November, CSWAP traded in a range of $0.0211 to $0.0475. The midpoint of this range at $0.0345 also served as support and resistance, as it did in September and October.
Over the past six days, the price of ChainSwap has increased rapidly. The daily trading volume increased from $313.8k on November 25 to $1.04 million on November 26.
This increase in volume came as the price broke above the range highs on the 26th. The market showed its confidence in the asset and the bulls managed to generate gains worth 87% in three days.
The uptrend over the past few days has seen the range broken out convincingly. Additionally, the $0.0769 level was also breached on high volume.
The $0.094 to $0.1 region is expected to oppose the bullish progression as it is psychological resistance to a round number. It also acted as resistance earlier this year, in May.
Is your wallet green? Check the CSWAP Profit Calculator
The CMF was at +0.24 at press time, indicating significant capital inflows into the ChainSwap token market. Additionally, the MACD also noted strong bullish momentum.
Traders looking to go long can expect a retest of the $0.068 to $0.08 region in the coming days. To the north, the next long-term targets to watch are $0.132 and $0.19.
Disclaimer: The information presented does not constitute financial, investment, business or other advice and represents the opinion of the author only.
