- SwissBorg swings upwards from last week’s support at $0.0800 but hits a wall at the descending channel resistance.
- CHSB/USD ready for consolidation even as the RSI flirts with the midline (50).
After correcting lower from the all-time high at $0.1730, SwissBorg started to trade within the confines of a descending channel. The channel support has continued to keep the sellers in check while the bulls focus on rising above the channel resistance. Unfortunately, all the attempts made to break the channel resistance have gone unrewarded. To make matters, reversals from the resistances have resulted in huge loss margins.
Support has also been established at $0.0800; a region that allowed the bulls to take control of the price and pull CHSB above $0.1000. The bullish leg extended above $0.1200 before a minor retracement took effect. At the time of writing, the cryptoasset is dancing at $0.1107 following a whopping 18% gain in the last 24 hours.
Looking at the technical picture, SwissBorg would have to settle for consolidation in the near term. The RSI is holding the position at 50 (average) which means that buying and selling pressure currently cancel out.
On the bright side, the MACD’s recovery from -0.012 displays a stronger bullish picture. In addition, a visible bullish divergence puts emphasis on the influence buyers have on the price in the current session. Traders can watch the movement of the MACD because a cross into the positive territory would signal fresh demand for CHSB. Correction above the descending channel resistance could place the cryptoasset in a trajectory eyeing the all-time high.
CHSB/USD 1-hour chart
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