SwissBorg price has more than doubled since the December low. Will the cryptocurrency gain further in 2019?
April 09, 2019. AtoZ Markets – The crypto market is currently making a significant recovery from December low prices. Bitcoin and the majors have all rallied significantly. A good number of low-ranked cryptos have seen their prices also rose in 2019. SwissBorg (CHSB) has been one of the top performers with over 120% gain since the December 2018 low
CHSB is currently ranked 415th on Coinmarketcap based on market capitalization. As at the time of writing, its market cap stood at $6.7 million with just $46,000 worth of trade volume in the last 24 hours. It’s actually one of the ‘penny-coins’.
CHSB operates on the Ethereum platform and has lost over 87% since it was founded. The crypto currently trades at 1.1 cents and has about 57% of its total 1,000,000,000 supply currently in circulation. Like most cryptos, it hit its all-time high of 10 cents on 4th February 2018, before it joined the 2018 bearish run to hit its lowest ever at 0.4 cent in November.
SwissBorg technical analysis and forecast
From the technical analysis perspective, it seems this crypto is relatively doing well with respect to how other ‘penny coins’ have performed so far in 2019. The chart below shows the possibility of a chart reversal pattern that might confirm 0.4 cent as a temporary or long-term bottom.
The bullish run in 2019 has been steady. However, the price is currently at a strong resistance zone of 1.1-1.2 cent which was formed in October before the November bearish breakout. The price might make a bit of retracement toward 0.8 cent. An ‘inverted head and shoulder’ price reversal pattern could happen with the neckline at the 1.1-1.2 cent price level. If there is an eventual bridge above, further rallies to 2.1-2.2 cents should follow with an increased volume and volatility.
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