CHEX is testing a critical resistance level at $0.2706, with multiple failed attempts indicating strong overhead pressure.
Support at $0.2289 continues to hold, forming a clear base structure and showing accumulation at lower levels.
Kraken listing scheduled for tomorrow, potentially increasing liquidity and interest in the token.
The CHEX/USDT pair continued its steady uptrend with price now trading at a strong resistance level. The token is currently exchanging hands at $0.2362 as of the recent session, a 3.1% intraday drop. Price structure, nevertheless, continues to be strong with a number of higher lows registered in the last few weeks, an indication of accumulation at lower levels. Technical data points to a possible breakout, with a key resistance barrier placed at $0.2706.
MAIV Holds Support, Reversal Pattern Emerges
Trading volume has remained relatively stable, with no signs of major selling pressure. On the daily timeframe, the support level near $0.2289 has provided a strong base for the current consolidation phase. It is important to note that this level has seen a number of recovery efforts in the market, whereby price has consistently been held above it. This pattern indicates that buyers are trying to protect the zone and set it up to go higher.
Source:(X)
Adding to this structure, the chart illustrates a series of rounded bottoms, a pattern often associated with trend reversals. The recent upswings are occurring on increased volume, which may indicate interest building up near the breakout threshold. These developments set a foundation for momentum if the price successfully clears the upper resistance line.
Critical Level and Upcoming Listing Catalyst
The resistance area around $0.2706 remains the decisive threshold in the short term. An upside price break out above this level may offer an opportunity to continue price movement. This zone traditionally has served as support and resistance, which makes it even more significant in a technical sense.
A fundamental catalyst could also play a role in shaping short-term direction. The listing of CHEX on Kraken is scheduled for tomorrow, which introduces increased market accessibility. While technical indicators are currently dominant, any significant increase in demand from new market participants could influence price action.
Market Relative Strength and Setup
When compared to broader market conditions, CHEX has demonstrated relative strength. The token has managed to maintain its structure despite volatility across other assets. The consistent formation of higher lows under resistance, along with an exchange listing on the horizon, has CHEX at a potentially pivotal position. Price remains range-bound for now, but market participants continue to watch the $0.27 level closely for directional confirmation.
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