Chromia(CHR)/USDT Technical Analysis: 18 December 2021

Chromia(CHR)/USDT Technical Analysis at a Glance

Chromia price first came into the limelight with its sudden jump, just before the May crash. After hovering below a cent for more time and failing to surge despite recording massive growth in the trading volume at frequent intervals. Yet the year 2021 proved to be pretty profitable as most of the assets broke through their consolidation to rally high. 

Chromia(CHR)/USDT Technical Indicators

The yearly trade close is on the horizon, the CHR price could get a notable boost to propel towards its ATH. However, the acute downtrend has raised huge concerns over the rally and hence the yearly close is also expected to be bearish. However, technicals suggest a decent uptrend awaiting ahead, but ATH may remain out of reach.

MACD

MACD in the long term displayed a huge selling pressure for almost a month and may currently let out a ‘buy’ signal very soon. On the other hand, in the short term, the MACD just signalled a buy with growing buy volume since the past couple of days.

Moving Average

The Chromia(CHR) price is tested and surpasses the crucial resistance levels at the 200-day MA in the short term after surpassing the 100-day MA levels indicating a bullish trend. However, in the long term, the price is hovering in between both the MA levels, 200-day being the support whereas the 50-day, the resistance.

Relative Strength Index(RSI)

The RSI which displays the strength of the rally had bottomed hard ever since the rally flipped into bearish divergence after it smashed ATH. Therefore in the long term, the RSI is attempting hard to surge by breaking through the consolidation. However, in the short term, the RSI has already begun its journey towards the north, flipping the downtrend. Yet the volume remains low and hence the high may not be much distinct.

Bollinger Bands

The CHR price in the long term was trending along with the lower bands from the past month. However, during the recent surge, the asset decoupled with the lower bands and moved towards the middle ranges. However, in the short term, with a huge surge in the past couple of hours, the price smashes the upper bands signifying a bullish trend. 

Chromia(CHR) Technical Analysis for the Week

The CHR price began the week on a bullish note to reach the weekly highs at $0.63 and suddenly fell into a bearish trap and reached the weekly lows at $0.5. This was when the buyers jumped in to accumulate the asset at a discounted price. And soon the asset rose close to highs and yet again fell apart. However, since the early trading hours, the asset jumped high and surpassed the crucial 200-day MA resistance levels. 

Source: Tradingview Date:- 18-12-2021 Time:- 11:10am

• The day’s trade initiated with a ‘Golden Cross’ as the 50-day MA crossed the 200-day MA in the short term, during the early trading hours
• Since then the asset is trending above the 200-day resistance levels, yet the seller appears to have initiated extracting their profits as a minor consolidation is happening within the ranges
• The strong resistance in the short term lies around the weekly highs around $0.62 and surpassing these levels could validate the uptrend.
• However, to ignite the bull run, the asset needs to surpass the mandatory resistance levels around $0.97

Chromia(CHR) Technical Analysis for Today: 17 December 2021

The Chromia token initiated the previous day’s trade on a bullish note and quickly dipped after consolidating for a couple of hours to its initial levels. Further, the asset continued to consolidate within a narrow range and closed the day trade around the same levels. The present-day trade also initiated with an accumulation for a couple of hours and since the past hour, the asset is ranging high surpassing both the 50-day & 200-day MA levels. 

The asset is receiving a notable amount of buying volume while the sellers remain passive at the press time. And therefore the uptrend may continue until the Chromia crypto price smashes the $0.62 levels initially. However, the weekend is approaching and hence it would be crucial as for the past couple of weekends, the crypto space is falling into a bearish trap. Therefore a short-term pullback or consolidation may be expected, yet the uptrend could continue later. 

Where to buy Chromia(CHR) 

Chromia tokens since the beginning of the year gained immense attention and hence quickly were listed on numerous platforms. Yet if you are in search of a reliable platform where you can buy a Chromia(CHR) token, then CoinDCX could be a better option. 

CoinDCX is India’s most trusted platform that offers a wide range of assets to trade. Moreover, the trades are hassle-free and coupled with ease. All you need to do is download the CoinDCX app and enter the world of secure trades at affordable rates. 

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