Technical Analysis - TomoChain
- Week 41

TOMO has seen a strong surge of interest during the last week, due to the newly launched yield farming platform Lua Swap. 

This extremely high interest can be seen in the chart and the solid increase in the price. TOMO is currently retracing from the most recent highs, which is a very natural and healthy sign. This retrace is currently leading into the previous key-area of resistance, which got ignored on the way during the pump. This retrace is especially interesting because the volume shown on the way down is very low. This low volume is indicating a low interest of market participants to sell TOMO. 

Looking at further technical indicators, one can clearly see the MKAST Algorithm still being on a buy-condition, confirming the bullish narrative for us. Furthermore, the price is currently above the LenLen ribbon, which is acting as a form of moving support, and it is expected to see a strong reaction at the ribbon. The MKAST Index is as well retracing just in tiny steps and is still moving above the ALMA of the index. 

All in all, TOMO is very bullish, and it has shown that it has the potential to double in a matter of a few weeks, which suggests even more strength for the project and its supporters. An experienced trader would be looking for potential entries around the key-area of support and the MKAST LenLen Ribbon. 

This Technical Analysis is made by Kong Trading. The provided Analysis reflects only his idea and should not be considered as financial advice!


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