SwftCoin (SWFT) price technical analysis: buy, sell, or hold?

SwftCoin (SWFTC) token price has drifted upward in the past few days as it gained popularity among social media users in platforms like StockTwits and Reddit. The SWFT token was trading at $0.005397, higher than last month’s low of $0.0040. This performance brings its market cap to over $25 million.

SwiftCoin is a small blockchain platform that provides a one-stop cross-chain platform where people can swap tokens for a small fee. According to DeFi Llama, the network has over $977k in total value locked (TVL).

Like other cryptocurrencies, it has done well in the past few weeks, helped by the recent decision by the Securities and Exchange Commission (SEC) approved Ethereum Exchange Traded Funds (ETFs). Some of the other top-performing tokens recently were the likes of JasmyCoin, Pepe, and Notcoin.

The token has also risen because of the rising because of the rising hopes that central banks will start cutting interest rates soon. The Bank of Canada is expected to start slashing rates on Wednesday while the European Central Bank (ECB) will cut on Thursday. Standard Chartered analysts expect the Fed to start cutting in July.

SwftCoin price forecast

The daily chart shows that the SWFTC token price bottomed at $0.0040 in May and has rebounded to $0.00539. This rebound happened as the token continued trending in most trading-focused social media platforms like Reddit and StockTwits.

It has moved above the 50-day and 100-day Exponential Moving Averages (EMA). The token has jumped above the 50% Fibonacci Retracement level. Most importantly, the two lines of the MACD indicator are moving above the neutral level. The histograms have remained above the neutral point.

SwftCoin’s volume has been a bit muted. Data by CoinGecko shows that its 24-hour volume stood at $4.1 million, up from $3.9 million a day before. The average daily volume has remained below $3 million in the past few days.

Therefore, the SWFTC token has some more upside, with the next point to watch being at $0.0070, the 23.6% retracement point. This price is about 36% above the current level.

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