September 30, 2022

Chromium Price Analysis: CHR Token Preparing For Its Next Move Inside A Symmetrical Triangle Pattern

2 min read

CHR token priceCHR token price

The technical outlook for CHR/USD chart reveals a strong uptrend. The token initiated a brand-new rally in November, which up until now made a high of 240%. A favorable news that recorded the interest of the crypto investor in this token would be the partnership statement between Chromia and Revolve video games. Nevertheless, the token price is currently in a retesting period.

Secret technical points:

  • The CHR token kinds a symmetrical triangle pattern in the 4-hour timespan chart
  • The everyday RSI suggests a bearish divergence relating to the CHR price
  • The intraday trading volume in the CHR token is $378.1 Million, suggesting a 34% hike

TradingView Chart

< img src="https://s3.tradingview.com/snapshots/y/YSSRKUV8.png"alt= "TradingView Chart"/ >

Source-CHR/USD chart by Tradingview On November 1st, the CHR token breached a formidable resistance level of $0.48, which has controlled the token rate given that March ’21. With this breakout, the token initiated a considerable rally that broke the previous All-Time high resistance of 0.75 and continued moving forward.

As far now, the CHR token has made a new ATH level of $1.43 mark. After the token was turned down from this level, the rate started resonating in a tight variety, stretching from $1 to $1.43 level.

The Relative Strength Index( 68) keeps a favorable sentiment for the token. Nevertheless, the RSI chart has likewise displayed a bearish divergence, suggesting decreasing strength of crypto buyers.

CHR/USD Chart In The 4-hour Time Frame

TradingView Chart

< img src="https://s3.tradingview.com/snapshots/w/WrqxLKDO.png"alt="TradingView Chart"/ > Source-CHR/USD chart by Tradingview

The CHR token pricescreens an in proportion triangle pattern in the 4-hour time frame chart. The crypto traders would get an exceptional trading opportunity in this token once the price supplies an appropriate breakout from either of its trendlines.

In case the rate gives a bullish breakout from this pattern, the Fibonacci extension levels say the possible resistance level above the ATH level is $1.57( 0.5 FIB), followed by $1.7(0.6180 FIB) and 1.9(0.786 FIB)

The post Chromium Price Analysis: CHR Token Preparing For Its Next Move Inside A Symmetrical Triangle Pattern appeared first on Coingape.