Trust Wallet Token (TWT) Increases By 60% Relative to May Low: Biggest Weekly Gainers
Be[In]Crypto takes a look at the five cryptocurrencies that increased the most from June 10 to 17, including Trust Wallet Token.
These cryptocurrencies are:
- Revain (REV) : 22.54%
- Celsius (CEL) : 16.09%
- Trust Wallet Token (TWT) : 10.95%
- ConstitutionDAO (PEOPLE) : 7.67%
- OKB (OKB) : 0.79%
REV has been falling underneath a descending resistance line since the beginning of the year. More recently, the line caused a rejection on April 16, leading to a new all-time low price of $0.00075 on June 14.
The low created a double bottom relative to the price on May 12. The double bottom is considered a bullish reversal pattern. Furthermore, it was combined with bullish divergence in the daily RSI.
In order for the pattern to be confirmed, REV has to break out from the descending resistance line.
A breakout from this line would be expected to accelerate the rate of increase. The next closest resistance area would be at $0.0029.
Similarly to REV, CEL created what looks like a double bottom pattern between May 12 and June 15. The pattern was combined with bullish divergence in the RSI.
The price initiated a very rapid upward movement on June 14. At the highest point of the day, CEL had increased by 780%. However, the upward movement could not be sustained and left a very long upper wick in place, which validated a descending resistance line, which is currently at $2.
Until CEL breaks out from this line, the trend cannot be considered bullish.
Since May 12, TWT created a triple bottom pattern just above the $0.55 horizontal support area. The pattern was also combined with bullish divergence in the daily RSI.
More importantly, the TWT created a higher low relative to its May 12 bottom and began to move upwards on June 17.
If the upward movement continues, the closest resistance area would be close to $0.80 . This is the 0.382 Fib retracement resistance level and coincides with a descending resistance line.
ConsitutionDAO (PEOPLE) has been falling underneath a descending resistance line since Feb. 5, 2022. The downward movement has so far led to a low of $0.01 on May 12, which was a new all-time low.
While the price bounced afterwards, it was rejected by the $0.03 resistance area (red icon). The area now also coincides with the aforementioned descending resistance line.
So, until PEOPLE breaks out, the trend cannot be considered bullish.
Finally, OKB also created a double bottom pattern between May 12 and June 15. Furthermore, it has been trading inside a descending parallel channel since May 13. Such channels usually contain corrective movements, meaning that a breakout is expected.
If a breakout from the channel occurs, the closest resistance area would be at $13.05.
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