The Swell [SWELL] digital asset has surpassed the immediate resistance level at $0.4 and has entered into another phase of discovering its price. Since it is a relatively new token, the positive sentiment prevailing in the market is expected to support further gains for this alternative cryptocurrency.
Swell Coin Surpasses Recent Peaks
Given that this token has only been traded for a short period, there is limited historical price action data available. On November 7th, SWELL struggled to break above the $0.0393 mark and lacked the momentum to end a trading session above it.
By the end of the day, trading volume had decreased. The trend started to reverse on the 8th, with the $0.039 level being tested as a new support before Swell crypto surged by 25.2% in just two hours.
At the current moment, the market value is floating around $0.0453. A drop below $0.039 could potentially shift the short-term market structure towards a bearish direction, possibly leading to pullbacks towards key Fibonacci levels at $0.0375 and $0.0346.
Possible Swell Coin Consolidation Scenarios
During the early hours of November 8th, Swell’s price ranged from $0.035 to $0.038. This led to the accumulation of short liquidation levels within the $0.0382-$0.0394 range, which were broken in the recent hours.
On the downside, a substantial amount of liquidity is located at $0.033, indicating that Swell crypto might experience a decline towards this level before a potential bullish reversal. Alternatively, there is a likelihood of SWELL consolidating within the range of $0.043-$0.047 and establishing liquidity slightly beyond these boundaries.
An ideal scenario would involve a dip below $0.04 followed by a robust bullish momentum; however, such outcomes are not guaranteed. Traders should remain prepared for various scenarios, including less favorable ones.
Disclaimer: The views expressed here are personal opinions and should not be considered as financial, investment, or trading advice.