ChainSwap [CSWAP] was inching closer to breaking through the $0.1 resistance level in May after being range-bound since July. The period of extended consolidation was shattered due to surging demand that propelled CSWAP to significant gains.
Throughout this rally, there are three crucial long-term resistance levels that CSWAP bulls have set their sights on. The initial milestone at $0.08 has been breached and transformed into support – the question now is whether the buyers can uphold this momentum.
CSWAP Crypto Successfully Shatters Long-standing Range
Starting from July until November, CSWAP had been oscillating within a range with boundaries ranging from $0.0211 to $0.0475. The midpoint of this interval at $0.0345 had previously served as both a support and resistance level, notably in September and October.
Over the past six days, ChainSwap’s value has been rapidly climbing upwards. The daily trading volume surged from $313.8k on November 25 to $1.04 million on November 26.
This surge in trading volume coincided with the breakout above the range highs on the 26th of November, signaling the market’s growing confidence in the asset. Consequently, the bulls managed to drive gains of up to 87% within a span of three days.
The recent upward trend witnessed a convincing breach of the established range, including surpassing the $0.0769 level with significant trading volume.
As the price navigates towards the $0.094-$0.1 range, it is anticipated to face resistance given its status as a psychological round number resistance. This region had previously acted as a barrier earlier in the year, specifically back in May.
At the time of writing, the Chaikin Money Flow (CMF) indicator stood at +0.24, reflecting substantial capital inflows into the ChainSwap token market. Additionally, the Moving Average Convergence Divergence (MACD) highlighted robust upward momentum.
For traders seeking long positions, awaiting a retest of the $0.068-$0.08 region in the upcoming days could present an opportunity. Looking ahead, the $0.132 and $0.19 thresholds emerge as notable long-term targets to monitor.
Disclaimer: The views expressed are personal opinions and should not be considered as financial, investment, trading, or any other form of advice.