- SWELL is likely to consolidate below $0.045 in the coming hours.
- The small market cap and high trading volume pointed to further gains.
Swell [SWELL] crypto has ascended past the short-term resistance at $0.4 and is in the price discovery phase once more. As a recently launched token, the bullish sentiment across the market is likely to aid the altcoin’s gains.
Swell crypto breaks past recent highs
Source: SWELL/USDT on TradingView
Since the token has been trading for a very short while, the price action data is extremely limited. On the 7th of November, SWELL was stuck below the $0.0393 level and unable to close a trading session above it.
The volume also declined toward the end of the day. This began to turn around on the 8th, and the $0.039 region was retested as support before Swell crypto rallied by 25.2% in two hours.
At press time, the market price was hovering around $0.0453. A drop below $0.039 would flip the short-term structure bearishly. It could lead to a retracement toward $0.0375 and $0.0346, the next significant Fibonacci levels.
