Buyers Keep the SWELL/USDT Market Afloat

The Swell Network token has come into the spotlight today after registering a price increase of 3.08%. As a result, the token’s price movement still suggests positivity, despite the instantaneous pullback.

Swell Network Market Statistics

Current Price: $0.01109

Market Capitalization: $29.35M

Circulating Supply: 2.62B

Total Supply: 10B

CoinMarketCap Rank: 766

Key Price Levels

Resistance: $0.01250, $0.01500, $0.01750

Support: $0.01100, $0.00900, $0.00750

Swell Network Stays Well Poised to Ride the Trend

Although the ongoing session in the SWELLUSDT market has produced a conspicuous pullback, it is evident that price action has pushed through the resistance at the mid-band of the Bollinger Bands (BB) indicator. The ongoing session is represented by a red price candle. The BB indicator itself is contracting while price action remains above the mid-level of the BB indicator.

Additionally, the BB indicator is tilting upward, suggesting building upside momentum. Due to the instantaneous pullback, the Stochastic Relative Strength Index (SRSI) indicator lines appear slightly deflected sideways but maintain a generally upward trajectory.

SWELL/USDT Bulls Try to Sustain the Upward Thrust

Extending the analysis of the Swell Network market to the 4-hour chart shows that bulls are attempting to sustain the upward thrust. Here, price action has recently tested the uppermost band of the BB indicator more frequently.

The previous session resulted in a pullback below the upper band of the BB indicator; however, the ongoing session has responded with an upward rebound. Although this rebound has contracted notably, it still appears green and therefore holds some gains. Consequently, traders can target the $0.01250 price level, even though the market may retrace lower.

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