Swell crypto pumped 60% on Monday but failed to break its multi-month downtrend channel. What's next for the altcoin?
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.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.
Interestingly, the coin saw steady accumulation even as the token declined by 80%. Over the past two months, over 100 million SWELL have been moved from exchanges. The Supply outside Exchanges growth underscored this.In fact, over the past few days, selling pressure from centralized exchange dipped further. This was shown by the red line ., over 90% of the token was controlled by the top 10% holders. This meant that the token price could be easily manipulated by a few top holders.
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