SwissBorg Price Forecast: CHSB/USD reverses weekly gains ahead of key triangle breakout
|- SwissBorg retreats from monthly highs above $0.17 but hope exists for a potential rally past $0.20.
- CHSB/USD is likely to continue with consolidation ahead of the triangle breakout as per the MACD.
SwissBorg, currently the 72nd largest cryptocurrency is dealing with an increase bearish pressure following a recent barrier at $0.17. The cryptocurrency has been rallying since the beginning of the year in spite of the negative pressures in the market. However, all bullish moments tend to have retracements and the ongoing dip is likely to be setting the stage for gains above $0.20.
Symmetrical triangle breakout
At the time of writing, CHSB/USD is trading at $0.1363 following a 6% loss in the last 24 hours. The upside is capped by the 200 SMA at $0.1382. More resistance is anticipated at $0.14 and the 50 SMA at $0.1416.
Marginally below the prevailing market value is the initial support provided by an ascending trendline (part of the symmetrical triangle). A bounce from this line is expected to overcome the above-mentioned hurdles in preparation for a massive lift-off above the triangle resistance. If the breakout gets a volume follow-up, expect gains towards $0.20.
From a technical perspective, the ongoing consolidation is likely to last longer than expected. The MACD is moving horizontally at -0.001420. Traders need to watch out for movement of the indicator towards the midline as it will signal potential gains.
On the flip side, lower action by the MACD will hint to the traders that declines are coming into the picture. However, the RSI’s upward pointing movement at the moment shows that buyers have a fighting chance and are likely to pull CHSB/USD above the hurdle at $0.14.
CHSB/USD 1-hour chart
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