The daily chart for Chromia (CHR/USDT) shows that the asset has been trading within an ascending channel, indicating a bullish trend. However, the recent price action has dipped towards the lower boundary of the channel, currently at $0.3283, which could be a crucial support level (S1) at $0.2409.
The resistance level (R1) has been established at around the previous high of $0.5029. The RSI is slightly bearish at 41.81, and the MACD is below the signal line, both indicating that there might be more bearish momentum in the short term.
Traders might look for buying opportunities near the lower boundary of the ascending channel with a stop loss below S1, aiming for R1 as a short-term target. If the price breaks below the channel, it could signal a potential reversal of the bullish trend. It would be wise to wait for a clear signal such as a breakout or a bounce from key levels with confirming volume before making a trade decision.
The resistance level (R1) has been established at around the previous high of $0.5029. The RSI is slightly bearish at 41.81, and the MACD is below the signal line, both indicating that there might be more bearish momentum in the short term.
Traders might look for buying opportunities near the lower boundary of the ascending channel with a stop loss below S1, aiming for R1 as a short-term target. If the price breaks below the channel, it could signal a potential reversal of the bullish trend. It would be wise to wait for a clear signal such as a breakout or a bounce from key levels with confirming volume before making a trade decision.