CHSB Technical Analysis: Breakout of the Pivot Resistance Level of $1.35

May 1, 2021      Ankita Awasthi

SwissBorg is an open-source blockchain network that allows users to trade and exchange digital currencies for 15 fiat currencies that include Euro, Swiss France, and British pounds. It integrates the major crypto exchanges using a smart engine. CHSB is the native token of this ecosystem and the technical analysis is as follows:

Past Performance

On April 24, 2021, CHSB started trading at $1.09. On April 30, 2021, CHSB closed at $1.29. Thus, in the past week, the CHSB price has surged by roughly 18%. In the past 24 hours, CHSB has traded between $1.25-$1.37.

https://s3.tradingview.com/snapshots/y/YDAcbISL.png

https://s3.tradingview.com/snapshots/y/YDAcbISL.png

Day-Ahead and Tomorrow

Currently, CHSB is trading at $1.36. Thus, the price has increased from the day’s opening price of $1.30. Hence, the market seems to be uptick.

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The MACD and signal lines are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect an intermittent price pullback amidst a rising price trend.

Half an hour back, the RSI indicator was in the ‘overbought’ region. Thereafter, it fell to the current level of 50%. Thus, selling pressures seem to be higher than buying pressures. The RSI indicator is, thus, giving further credence to a price pullback indicated by the MACD oscillator.

However, the OBV indicator is upward sloping. Thus, buying volumes are much higher than selling volumes. Hence, the OBV indicator is implying a further price rise. In conjunction with the other two oscillators, we can say that a price pullback may be on the horizon amidst an overall bullish trend.

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CHSB Technical Analysis

Currently, the price has broken out of the first Fibonacci pivot resistance level of $1.35. However, the price may fall up to the Fibonacci pivot point of $1.30, before resuming its upward journey.

The price has broken out of the 23.6% FIB retracement level of $1.34. By day end, if the price surpasses the 23.6% FIB extension level of $1.40, then the price uptrend is strong and may continue tomorrow as well.

#CHSB #SwissBorg
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.