- TapSwap was only slightly bearish at time of publication despite the volatility over the weekend.
- Bulls need to convert this support level into resistance.
TapSwap [TAPSWAP] The 26th, Sunday saw high volatility. Within an hour it rose to $0.011, representing a 12.4% increase. A couple hours later, the price fell back to $0.00974.
The volatility of small-cap currencies is not uncommon, as they do not have a large trading volume. How do you predict the price of TapSwap based on a short-term technical analysis?
This week’s trends are concerning
Price action on the 1 hour chart has been strongly bearish over the last week. After the resistance level of $0.011 was turned into support on May 22nd, the price set several lower highs.
RSI consistently fell below neutral level 50, indicating a bearish trend over the last few days.
TAPSWAP retreated towards the $0.0095 zone of support highlighted in the red box at the time of press. OBV fell over the past 4 days indicating increased selling pressure.
CMF however contradicted the findings and caused a snag in TapSwap’s price forecast.
CMF of +0.3 meant that buyers controlled the market. Trading was concerned by the disparity between the volume indicators.
This reading showed that the ADX was showing a positive trend.
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You can also find out more about Bitcoin [BTC] The market sentiment may be improving in the near future after the TAPSWAP broke through the $67k local resistance last week.
According to the price, TapSwap’s price prediction indicates that there is a good chance of a price bounce off the $0.0095 level.
Disclaimer: This information is not intended to be a comprehensive guide. financialThe writer is not providing any investment advice, trading or other type of financial guidance.
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Source: ambcrypto.com