Within a span of 16 hours, the Swell [SWELL] cryptocurrency has witnessed a remarkable 46% increase, surpassing a key short-term resistance level at $0.4 and embarking on a phase of price exploration once again. Being a newly introduced token, the prevailing bullish sentiment prevalent in the market is anticipated to contribute to further gains for this altcoin.
Swell Crypto Achieves New Highs
Given the relatively brief duration during which the token has been actively traded, the available price action data remains quite limited. As of the 7th of November, SWELL struggled to break past the $0.0393 threshold, failing to close any trading session above it.
However, a shift became noticeable on the 8th, with the price revisiting the $0.039 support level before experiencing a rapid surge of 25.2% within just two hours of trading. Presently, the market price hovers around $0.0453, with a potential dip below $0.039 posing a threat to the short-term bullish structure, possibly leading to a pullback towards $0.0375 and $0.0346, which represent the subsequent key Fibonacci levels.
Possibility of Swell Consolidation
During the early hours of November 8th, Swell’s price oscillated within the $0.035-$0.038 range, creating a concentration of short liquidation levels spanning from $0.0382 to $0.0394, all of which were surpassed in recent trading sessions.
Downward, a notable accumulation of liquidity appears around the $0.033 mark, hinting at a potential decline towards this zone before any bullish recovery. Nevertheless, a more probable scenario entails SWELL consolidating within the $0.043-$0.047 range, fostering liquidity slightly beyond these thresholds.
An ideal scenario would involve a brief drop below $0.04 followed by a robust bullish resurgence, but such an outcome cannot be guaranteed. Traders are advised to prepare for various potential scenarios, including less favorable ones.
Disclaimer: The opinions expressed in this post do not constitute financial, investment, trading, or any other form of advice; they solely represent the perspective of the writer.