The SwissCheese price has jumped 22% in the last 24 hours to trade at $0.4785 as of 7.05 a.m. EST on a 10% drop in trading volume to $2.9 million
SwissCheese Price Rebounds Within A Rounded Bottom Pattern
The SWCH price indicates the formation of a rounded bottom pattern, which is normally a bullish reversal pattern indicating a gradual shift from a downtrend to an uptrend. This pattern also indicates that the price has been consolidating and building momentum for a potential upward breakout.
Currently, the price is trading at $0.4781, having recently broken above the 50-day simple moving average (SMA), which is now acting as a support level at $0.3261.
The rounded bottom formation indicates that if the price sustains above this level, it could target the next significant resistance around $0.70 to $0.80, which aligns with the top of the pattern.
SWCHUSD Analysis Source: Dextools.io
The Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover, with the MACD line above the signal line, reinforcing the bullish sentiment. the histograms are also turning green
Additionally, the relative strength index (RSI) is at 78.77, which is in the overbought territory. While this indicates strong buying momentum, it also shows that SWCH might be due for a short-term correction before resuming its upward trend.
Based on the current analysis of the SWCH/USD trading pair, if the bullish momentum continues, it’s likely that the price could rally towards the $0.70 to $0.80 range.
This target aligns with the resistance level at the top of the rounded bottom pattern. However, given the RSI is in the overbought territory at 78.77, a short-term pullback could occur before reaching these levels. Traders should watch for any signs of price weakness or a decline below the $0.3261 support level, which could indicate a potential reversal or deeper correction.
If the price action remains strong above the support, the likelihood of reaching a higher target remains high.
The Meme Games Token Prepares To Launch – Only Hours Left
Meanwhile, SwissCheese investors looking for other opportunities with a bullish outlook might consider the Meme Games (MGMES) token, which has raised over $442K in its ICO as its prepares to list in less than 19 hours.
Influential crypto analyst and YouTuber Crypto Gains, with over 139k subscribers, says that MGMES has the potential to post huge returns once it launches.
The Meme Games introduce an Olympics-style competition to the world of meme coins, where well-known internet memes like Dogecoin, Pepe, Dogwifhat, Brett, and Turbo compete for crypto supremacy.
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There’s still time to purchase MGMES tokens at $0.00945 using ETH, USDT, BNB, or a credit card through the official website’s buy widget.
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