SWAP (TrustSwap) looking great for uptrend continuation
Dear Tradingview community,
I'm seeing a nice opportunity here, allow me to explain:
SWAP is experiencing a correction of around 35% from its ATH after a fast parabolic rise of around 300%. The parabolic increase by itself was to be expected and is justified because the fundamentals for this cryptocurrency are extremely with new features being released almost every month (if you don't know the coin, definitely DYOR; trustswap.org).
The token already has multi-dimensional utility and continues to build / progress further.
Anyway, I'm not here to discuss fundamentals, but the technicals which are now also supporting the idea that this token is far from done running up and will continue its rally soon.
What I'm seeing on this chart:
- Found support on the .382 fib
- Price making still making higher lows on the 4h
- RSI making lower lows
- = hidden bullish divergence
- as a cherry on the cake the sellers momentum also seems to weaken on the MACD
Added some yellow lines to clarify what I'm seeing.
All together looks like a very bullish set-up that should take us to new ATHs by end of this month.
Price could still drop to 2.85 imho without invalidating the bullish set-up, but I don't know if it will; I personally think it's more likely that the .382 holds.
Would love to hear your thoughts as this is the first time I publish something on Tradingview, but I found it worthy of sharing.
Happy gains everyone!
Cheers,
Informaxo
I'm seeing a nice opportunity here, allow me to explain:
SWAP is experiencing a correction of around 35% from its ATH after a fast parabolic rise of around 300%. The parabolic increase by itself was to be expected and is justified because the fundamentals for this cryptocurrency are extremely with new features being released almost every month (if you don't know the coin, definitely DYOR; trustswap.org).
The token already has multi-dimensional utility and continues to build / progress further.
Anyway, I'm not here to discuss fundamentals, but the technicals which are now also supporting the idea that this token is far from done running up and will continue its rally soon.
What I'm seeing on this chart:
- Found support on the .382 fib
- Price making still making higher lows on the 4h
- RSI making lower lows
- = hidden bullish divergence
- as a cherry on the cake the sellers momentum also seems to weaken on the MACD
Added some yellow lines to clarify what I'm seeing.
All together looks like a very bullish set-up that should take us to new ATHs by end of this month.
Price could still drop to 2.85 imho without invalidating the bullish set-up, but I don't know if it will; I personally think it's more likely that the .382 holds.
Would love to hear your thoughts as this is the first time I publish something on Tradingview, but I found it worthy of sharing.
Happy gains everyone!
Cheers,
Informaxo