- SWELL crypto pumped 60% but failed to break above its downtrend.
- The altcoin recorded a strong accumulation since December.
Swell [SWELL], the native token of the latest liquid staking protocol on Ethereum [ETH], Swell Networks, exploded 60% on the 10th of February.
The move followed SWELL listing on new centralized exchanges, Bitget and Gate.io. At the time of writing, the coin’s Trading Volume has been up 200%, indicating strong traction amongst traders.
Unfortunately, the pump didn’t break above its downtrend channel formed in December. As a result, the altcoin faced rejection at $0.02 and erased part of the recent gains as of this writing.
Can it break the downtrend?
Since topping $0.07 in December, SWELL has erased nearly 80% of its value. But this wasn’t surprising, as most altcoins shed 20-90% in the past few weeks amid Trump tariffs wars and inflation fears.
That said, the coin appeared to have found support around $0.01 in February. The latest 60% pump originated from this support, but achieving a solid recovery could remain elusive unless the downtrend breaks.
Simply put, the coin could drop lower to its $0.01 support or even lower to the mid-range level.
On the flip side, a decisive break above the downtrend could push SWELL to $0.027 or 0.035.
Strong SWELL accumulation trend
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Author: Benjamin Njiri
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