CHR Technical Analysis: Buyers Struggle Within Falling Wedge

CHR prices fail to surpass $0.25 indicating a growth of bearish influence in the falling wedge pattern. Will this increased bearishness crack $0.15? Key technical points: CHR prices struggle to overcome the sellers at $0.25. A 13% long bearish engulfing candlestick undermines bullish powers. The 24-hour trading volume of Chromia is $33 Million, indicating a drop of 5%. Past Performance of CHR CHR prices showcase a bullish reversal from the $0.15 mark resulting in a morning star pattern resulting in a price jump to $0.25. However, the bull cycle fails to surpass the psychological barrier resulting in a bearish engulfing candle that corrects market value by 13%. Source-Tradingview CHR Technical Analysis The falling trend in CHR prices started after the sellers knocked down the bullish breakout attempt, struggling to follow through below $0.20. It is evident by the bullish candle forming gradually today. The Bollinger bands maintain an expanding downtrend with the lower band falling at a steep angle despite the reversal rally to $0.25. The RSI values take a sharp reversal from the oversold boundary and surpass the 14-day average to approach the halfway line. Hence, the indicator represents a boom in buying pressure and increases the chances of the trendline breakout. The MACD indicator shows the fast and slow lines ready to give a bullish crossover and refuel the positive histograms. In short, the CHR technical analysis depicts a...