As long as you haven’t been living under a rock for the past several months, then you have probably heard at least something about the sudden rise in value of cryptocurrencies like Bitcoin and Ethereum. These are the two most popular cryptocurrencies, both of which have seen gains of over 300% in just about 3 month’s time.
While Bitcoin and Ethereum are the two most popular cryptocurrencies available, there are literally dozens upon dozens of others as well, and these cryptos trade on an open market daily. One such example is the Swarm City Cryptocurrency (SWT). In reality Swarm City is a “token” based on the aforementioned Ethereum cryptocurrency, and by viewing the technical analysis of recent trades, I am led to believe that now is a tremendous time to buy in. You see, technical analysis views trends, resistance, moving averages, etc. of an investment vehicle. This analysis is considered daily when trading stocks and foreign exchange currency, and now is being increasingly used in the trading of various cryptocurrencies and tokens.
Today, Swarm City (SWT) appears to have met resistance (see photo to the right). It’s a level that the trading value of the cryptocurrency broke toward the end of last month and then shot up nearly 200% before falling back down just recently. Currently Swarm City is again at this level, this time from above, so I expect to see it bounce off this level and shoot up once again.
If you then take a look at the daily chart (below), you will see that there is another level of resistance where Swarm City has bounced off of in the past. I expect the last red candle on this chart to drop back and for it to be followed by multiple green candles, representing a surge forward in the crypto.
It’s possible that it will ultimately break this resistance level, and fall to the next level of resistance at 0.00075, but my guess is that we will see the bounce now at around 0.11600. If this bounce occurs, I expect to see Swarm City shoot up at least to the 0.002 level but perhaps past the 0.0025 level.
(note: This article is my opinion only, and I am a trader of Swarm City. Currently I own the cryptocurrency.)