Highest Crypto Gainers of the Week; LOOM, TWT, KLAY

Highest Crypto Gainers of the Week; LOOM, TWT, KLAY

Here’s a list of cryptocurrencies that outperformed the current bearish sentiment in the market, indicating they have a stronger potential for further extending their recovery rally.

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During the initial part of October, sellers had the upper hand as the crypto market underwent a notable correction. This correction affected not only the market leaders like Bitcoin and Ethereum but also resulted in a retracement in many major cryptocurrencies due to increased selling pressure. Nonetheless, in a remarkable defiance of market trends, there is a selection of cryptocurrencies that have outshone their peers and spearheaded a substantial recovery this week.

In this article, I will try to determine whether these coins will be profitable in the coming week.

Also Read: Odds Of Spot Bitcoin ETF Approval By US SEC Rises Above 90%: Bloomberg

LOOM Price Analysis: Bullish Pattern Sets Rally above $0.4

Loom PriceSource- Tradingview

Despite the widespread uncertainty in the crypto market, the Loom price has experienced a remarkable rally, surging 855% from its September low of $0.037 to its current value of $0.35. This rally is accompanied by the breach of a 900-day-old rounding-bottom pattern’s neckline resistance, indicating strong potential for further upward movement. 

With an intraday gain of 9.8% and strong surge volume, the LOOM price sustains its bullish momentum. Thus, under the influence of this chart pattern, the coin price should rise another 27% to reach the $0.468 barrier.

TWT Price Analysis: Can Buyers Sustain Above $1 Milestone?

TWT PriceSource- Tradingview

On October 7th, the Trust Wallet token price gave a decisive break from the $0.99 neckline of the Double Bottom Pattern. This bullish reversal pattern signals the increasing accumulation from buyers, which results in a significant recovery in the near term. 

However, earlier this week, the sellers tried to counterattack and reclaim the $1 mark. Interestingly, the price never dropped below the low of the breakout candle, which is $0.089, indicating this attempt was to remove the weak hands of the market. 

As a result, the TWT price has been rising for four consecutive days now, registering a gain of 25%. By the press time, this alternates at $1.12, and with sustained spinning, it is likely to rise another 20% to hit the next significant resistance of $1.35.

KLAY Price Analysis: Key Resistance Breakout Hint 12% Rally Ahead

KLAYSource- Tradingview

Defying broader market sentiments, the Klaytn coin price has been on a steady rise since late September. From the September 22nd low of $0.108, the coin price has surged 18.4% to currently trade at $0.12. 

This rally showed a V-shaped recovery in the daily chart, which reflects aggressive buying sentiment in the market. Amid this rally, the coin price has recently breached a weekly barrier of $0.1248, with high volume, accentuating the buyer’s commitment to rise to prolong the recovery trend. 

However, with an intraday loss of 1.6, the coin price may retest the breach resistance as potential support before initiating further rallies. With sustained buying, the coin price should rise another 11.85% to hit the next important resistance at 0.143.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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