Swell Network (SWELL) Sees a Bounce Following a Bear Attack

The Swell Network Token has experienced a significant price decline that spanned eleven sessions. This occurred as a result of a rapid downward movement. However, the ongoing session has positioned the token as the second most gainful coin at the time of writing. Let’s take a closer look at the market.

SWELL Statistics

Current Price: $0.009007

Market Capitalization: $23.27M

Circulating Supply: 2.64B

Total Supply: 10B

CoinMarketCap Rank: 802

Key Price Levels

Resistance: $0.00950, $0.01000, $0.01500

Support: $0.00900, $0.00850, $0.00800

Swell Network Bounces off the $0.008000 Price Level

The SWELL/USDT market has fallen significantly, dropping from above the $0.01500 mark to trade just above $0.009000. However, the ongoing session has shown a notable upward bounce. This rebound keeps the price below the middle band of the Bollinger Bands (BB) indicator. Nevertheless, it represents a recovery from the decline seen in the previous session and has prevented a test of the lower Bollinger Band.

Meanwhile, the applied Stochastic Relative Strength Index (SRSI) indicator is at the initial stage of an upward movement, suggesting potential for further recovery.

SWELL/USDT Faces Rejection on the 4-Hour Chart

On the 4-hour chart, downward pressure is evident. As soon as the price action touched the middle band of the BB indicator, it was rejected and rebounded downward. This is reflected by a moderate red candle corresponding to the current session.

At the same time, the SRSI indicator lines are rising rapidly, which may indicate an early weakening of bullish momentum. As such, price action could likely move toward the $0.00850 support level in the short term.

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