- CSWAP crypto is yet to halt its intense rally.
- Buyers can wait for a dip to enter, deep retracements are possible.
ChainSwap [CSWAP] was on the verge of challenging the $0.1 resistance zone from May after trading within a range since July. The long-term consolidation was broken as high demand fueled CSWAP gains.
There were three key long-term resistance levels that CSWAP bulls will be targeting during this rally. The first one at $0.08 appeared broken and flipped to support — can the buyers sustain this rally?
CSWAP crypto breaks long-term range convincingly
Source: CSWAP/USD on TradingView
From July to November, CSWAP had traded within a range that extended from $0.0211 to $0.0475. The mid-point of this range at $0.0345 has also served as support and resistance, such as in September and October.
In the past six days, the price of ChainSwap has been rapidly increasing. The daily trading volume surged from $313.8k on the 25th of November to $1.04 million on the 26th of November.
This volume increase came as the price broke out beyond the range highs on the 26th. The market signaled confidence in the asset, and the bulls were able to drive gains worth 87% in three days.
The uptrend of the past few days saw the range broken convincingly. Additionally, the $0.0769 level was also breached on high volume.
The $0.094-$0.1 region is expected to oppose the bullish advance as it is a psychological round number resistance. It also acted as resistance earlier this year in May.
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The CMF was at +0.24 at press time to indicate significant capital inflows to the ChainSwap token market. Additionally, the MACD also noted strong upward momentum.
Traders looking to go long can wait for a retest of the $0.068-$0.08 region in the coming days. To the north, the $0.132 and $0.19 are the next long-term targets to watch.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
