Bullish Reversal (Head & Shoulders) For CHRUSD (Chromia)A Head & Shoulders is starting to play out on 4H TF on CHRUSD. The H&S pattern is yet to be validated when price closes above the neckline.
Head& Shoulders are one of the most profitable patterns in markets!
Chromia has a relatively small market cap of $170 million at the time of writing.
Technical insight:
On the Daily TF you can see the big move was accompanied with big volume .
CHR is getting attention of bulls, however price is currently testing somewhat resistance.
Resistance looks weak comparing it with the pump:
Good pump with good volume. Looking at the overall volume in this market, the majority is buying despite the recent big drop.
Small Fundamental insight:
Chromia is a blockchain for building dApps & to create NFTs.
Blockchains with support for NFT development have been exploding recent weeks, now they're consolidating, which is a good sign.
Maybe you know the token ALICE ?
The token got listed on Binance and skyrocketed 25.000% (!) on its listing which created alot of attention around this token.
The reason I mention ALICE is that it is built using the Chromia platform.
It is a multiplayer blockchain builder game, where anyone can buy and own virtual islands and collect exciting items in the form of NFTs.
ALICE has a market cap of $270 million at the time of writing and I see Chromia growing towards that direction, which would be an increase of around 58%.
Feel free to add any suggestions/feedback!
