$CHIP is squeezing right under the level that could decide the next move.
One clean push and this setup can look very different.
But if buyers lose control here, that breakout attempt can turn into a pullback fast.
CHIP has already made a strong move from around $0.04136 and is now consolidating near the top of that move. The main level on my chart is $0.05653. Price has tested that area but hasn’t broken it cleanly yet, so I’d treat it as the main resistance. Holding around the current area is still constructive, but another rejection from $0.05653 would show that sellers are defending the high.
The short-term EMAs are still supportive. EMA(7) is $0.05460, almost exactly where price is sitting, while EMA(25) is $0.05359. EMA(99) is much lower at $0.04886, showing how far price has moved above its longer-term average. RSI is around 52.24, which is fairly neutral after the earlier strength. So I don’t see RSI alone giving a clear direction right now.
Volume was much stronger during the initial breakout and has gradually cooled as CHIP started moving sideways. That tells me the market is taking a breather rather than showing the same buying pressure seen during the first push. I’d want to see volume expand again if the $0.05653 level gets tested seriously.
My view is simple here: a clean break and hold above $0.05653 would make the setup bullish again and could open the way for another leg up. On the other side, losing $0.05359 would weaken the current structure, while a deeper break below $0.049 would make the setup considerably more bearish and could bring a larger pullback into play.
Price: $0.05459
24h Change: +35.32%
24h High: $0.05653
24h Low: $0.04136
Timeframe: 15m
Spot Only. DYOR, Not Financial Advise.
One clean push and this setup can look very different.
But if buyers lose control here, that breakout attempt can turn into a pullback fast.
CHIP has already made a strong move from around $0.04136 and is now consolidating near the top of that move. The main level on my chart is $0.05653. Price has tested that area but hasn’t broken it cleanly yet, so I’d treat it as the main resistance. Holding around the current area is still constructive, but another rejection from $0.05653 would show that sellers are defending the high.
The short-term EMAs are still supportive. EMA(7) is $0.05460, almost exactly where price is sitting, while EMA(25) is $0.05359. EMA(99) is much lower at $0.04886, showing how far price has moved above its longer-term average. RSI is around 52.24, which is fairly neutral after the earlier strength. So I don’t see RSI alone giving a clear direction right now.
Volume was much stronger during the initial breakout and has gradually cooled as CHIP started moving sideways. That tells me the market is taking a breather rather than showing the same buying pressure seen during the first push. I’d want to see volume expand again if the $0.05653 level gets tested seriously.
My view is simple here: a clean break and hold above $0.05653 would make the setup bullish again and could open the way for another leg up. On the other side, losing $0.05359 would weaken the current structure, while a deeper break below $0.049 would make the setup considerably more bearish and could bring a larger pullback into play.
Price: $0.05459
24h Change: +35.32%
24h High: $0.05653
24h Low: $0.04136
Timeframe: 15m
Spot Only. DYOR, Not Financial Advise.
