CHR Technical Analysis: Buyers Struggle Within Falling Wedge
Key technical points:
Past Performance of CHR
CHR prices showcase a bullish reversal from the $0.15 mark resulting in a morning star pattern resulting in a price jump to $0.25. However, the bull cycle fails to surpass the psychological barrier resulting in a bearish engulfing candle that corrects market value by 13%.
Source-Tradingview
CHR Technical Analysis
The falling trend in CHR prices started after the sellers knocked down the bullish breakout attempt, struggling to follow through below $0.20. It is evident by the bullish candle forming gradually today.
The Bollinger bands maintain an expanding downtrend with the lower band falling at a steep angle despite the reversal rally to $0.25.
The RSI values take a sharp reversal from the oversold boundary and surpass the 14-day average to approach the halfway line. Hence, the indicator represents a boom in buying pressure and increases the chances of the trendline breakout.
The MACD indicator shows the fast and slow lines ready to give a bullish crossover and refuel the positive histograms.
In short, the CHR technical analysis depicts a bullish continuation possibility above the $0.25.
Upcoming Trend
With the buyers retaining trend control near $0.20, the possibility of a reversal shattering the resistance trendline increases. Traders can expect the trendline breakout rally to reach the next psychological barrier of $0.35. However, the $0.20 fallout will fuel the downtrend and result in a fall to the $0.15 mark.
Support Levels: $0.20 and $0.15
Resistance Levels: $0.25 and $0.35
