COCOS breakout – will other Binance chain tokens follow?
Cocos-BCX (COCOS) is about to break above the descending resistance line.
Swipe (SXP) is trading within the USD 1.75 support area and has created several bullish divergences.
The Unifi Protocol DAO (UNFI) then created a double bottom and a breakout above the descending resistance line.
SXP has been trading near the horizontal support area of $ 1.75 since May 19. The price has sparked several rallies, but none of them have been successful.
Despite the lack of a significant upward move, the MACD, RSI and the stochastic oscillator are forming bullish divergences. These are signs that an upward move may be imminent.
The next resistances are at $ 3.08 and $ 3.62, the 0.382 and 0.5 fib retracement levels, respectively.
Daily SXP / USDT Chart | Source: TradingView
The two-hour chart shows that the SXP has broken below an ascending wedge, possibly an incipient crossover.
It is currently trading right in the 0.618 fib retracement support area.
The MACD has started to move, which supports the possibility that the SXP price could do the same.
SXP / USDT 2-hour chart | Source: TradingView
- SXP is trading above the USD 1.75 support.
- It broke beneath a rising wedge.
COCOS has been down since March 11th when it hit a high of $ 1.87. During the decline it was moving along a descending line of resistance.
On May 23, it hit a low of $ 0.285 and bounced back. Since then, prices have risen.
It is currently in the process of breaking above the descending resistance line mentioned above. While the price has moved above this line, it has not yet reached a closing price above it.
In addition, all technical indicators are rising, which supports the possibility of an outbreak. The RSI has moved above 50, the stochastic oscillator has created a bullish cross and the MACD histogram is in positive territory creating higher momentum bars.
The next resistance is at $ 0.89. This is the .382 retracement FIb resistance.
COCOS / USDT daily chart | Source: TradingView
- COCOS breaks out above a descending resistance line.
- There is resistance at $ 0.89.
UNFI has risen since it hit a low of $ 5.63 on May 23. On June 22nd, it returned to the same level and created a false bottom.
This pattern is combined with a bullish divergence in the RSI, MACD, and Stochastic oscillator.
These are all signs that the token is likely to rise.
UNFI / USDT daily chart | Source: TradingView
The shorter-term six-hour chart shows that UNFI broke a descending resistance line and subsequently confirmed it as support.
The next horizontal resistance areas are at $ 10.80 and $ 14, respectively.
UNFI / USDT 6-hour chart | Source: TradingView
- UNFI created a raised floor.
- It broke out above a descending line of resistance.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Beincrypto