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CHR Token Preparing For Its Next Move Inside A Symmetrical Triangle Pattern

TradingView Chart


The technical outlook for CHR/USD chart shows a strong uptrend. The token initiated a new rally in November, which so far made a high of 240%. A positive news that captured the interest of the crypto investor in this token would be the partnership announcement between Chromia and Revolve games. However, the token price is currently in a retesting period.

Key technical points:

  • The CHR token forms a symmetrical triangle pattern in the 4-hour time frame chart
  • The daily RSI indicates a bearish divergence regarding the CHR price
  • The intraday trading volume in the CHR token is $378.1 Million, indicating a 34% hike

Source- CHR/USD chart by Tradingview

On November 1st, the CHR token breached a formidable resistance level of $0.48, which has dominated the token price since March ‘21. With this breakout, the token initiated a significant 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 rejected from this level, the price started resonating in a tight range, stretching from $1 to $1.43 level.

The Relative Strength Index(68) maintains a positive sentiment for the token. However, the RSI chart has also displayed a bearish divergence, indicating decreasing strength of crypto buyers.

CHR/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- CHR/USD chart by Tradingview

The CHR token price displays a symmetrical triangle pattern in the 4-hour time frame chart. The crypto traders would get an excellent trading opportunity in this token once the price provides a proper breakout from either of its trendlines.

In case the price 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)

 

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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