SWELL trades between $0.01100 and $0.01700, with failed breakouts reinforcing resistance and keeping bullish continuation in question.
A double-bottom breakout on HTX points to early recovery signs, but volume and trend validation remain key for sustained upside.
Price compression across charts highlights a make-or-break range where either reversal or deeper downside could soon confirm.
SWELL’s recent trendline breach has positioned the altcoin at a pivotal resistance level. Price action across two exchanges shows conflicting narratives, either the start of a broader recovery or a rejection setup.
Breakdown Structure Defines Resistance and Risk
The $SWELL pair shows signs of tightening structure after a pronounced trend shift. Price compression beneath historical resistance suggests indecision following months of volatility. Recent movement above $0.01200 has traders closely watching for confirmation or rejection.
Source: X
At this stage of the pattern, the above chart reflects a completed ascending structure breakdown. The pair traded in a rising channel from January through April, supported by a clear trendline that failed in early May. Since then, price has struggled to reclaim the $0.01700 region, once a support zone in March, now acting as resistance. Several failed retests of this level underscore its technical importance.
The move down to $0.01060 marked the local low before a brief rebound above $0.01200. Volume declined during this recovery, and price remains wedged between local support near $0.01100 and stiff resistance at $0.01700. Structural analysis now points to a lower-high formation, signaling continued weakness unless bulls reclaim higher ground. Could this resistance flip confirm the bearish breakdown or ignite a reversal?
The March high of $0.02000 remains untested, reinforcing a ceiling above current levels. Without a daily close above the trendline retest zone, the risk leans toward deeper retracement. A price closing below $0.01100 could unlock the range toward $0.00800, completing a full retrace of prior gains.
Consolidation Gives Way to Emerging Strength
While the Binance chart emphasizes breakdown risk, the HTX chart presents a contrasting outlook. The pair traded within a narrow zone between $0.00811 and $0.01184 from early February through mid-May. That range broke in late May, with price now testing $0.01199—just above the breakout point.
Source: X
In addition, the structure on HTX shows a well-defined double-bottom with higher lows in April and May. The current upward move aligns with a rising curve pointing toward resistance levels at $0.01373, $0.01573, and $0.01803.
Supporting this structure, there is no visible upper trendline between the breakout and the $0.05229 region, removing potential near-term overhead resistance. Volume remains a key factor; sustained moves require increased participation to avoid another failed breakout.
Compression Phase Signals a Critical Decision Point
Despite opposing setups, both charts converge on one shared signal: price compression within a defined range. Resistance around $0.01700 and support near $0.01100 bracket the short-term decision zone. No bullish continuation pattern has emerged since early May’s breakdown, yet HTX's structure suggests the beginning of an upward phase.
Even so, the lack of strong follow-through keeps sentiment mixed. The broader structure now depends on whether $0.01200 holds as a base or collapses under renewed selling pressure. This has led to a high-stakes standoff: Will price confirm reversal or continue deeper into bearish territory?
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