Despite Bitcoin dominance remaining high, crypto markets are currently in a full-blown altcoin season, and traders are branding today ‘DeFi Renaissance Day’ amid pumps for DeFi projects such as SWELL crypto – which is up +23% over the past day.
This article will explore the latest SWELL price trends and uncover whether there could be more profitable positions to gain from the red-hot crypto market this December.
Liquid re-staking protocol Swell is showing strength after more than $92M in trading volume swept the chart, fuelling SWELL crypto to push up to a $75M market cap overnight according to CoinGecko data.
The massive push to the upside comes as Binance lists SWELL crypto, just weeks after CZ called for a shift from meme coins to utility in the industry.
These Numbers spell EXTREMELY UNDERVALUED…..Hope you’re paying attention to this 🔥💎👀👇$SWELL pic.twitter.com/CaA1X9258Z
— EyesWideOpen 𐤊 (@Vince57024623) November 29, 2024
SWELL Price Analysis: Will Binance Volume Fuel Explosive Growth For SWELL?
Huge trading volume inflows over the past 24 hours have spotlighted SWELL’s recent listing on Binance. The massive influx of new capital now outweighs the total project market cap.
This is a bullish sign, and the SWELL price
Swell Network
30.02%
Swell Network
SWELL
Price
$0.000784
30.02% /24h
Volume in 24h
$975.66K
Price 7d
is undoubtedly taking notice at $0.047 (representing a 24-hour gain of +23.5%).
SWELL price is currently in a localized retracement following a seismic green candle, which saw price action break above a historic resistance level at $0.50 after pushing out of a tight range of around $0.40.
Now in retracement, bulls are attempting to consolidate the newfound gains, and this is likely to trigger a second re-test of $0.50 as holders seek to cement this support level.
With Binance volumes supporting price and an alluring market cap at $75M, the emergent bull flag suggests a bullish trajectory in the short-time frame.
However, with the RSI indicator over-extended at 73, further upside might not appear ahead of the weekend.
Nevertheless, if the price returns to rallying, it is likely to target a clean break above $0.50 first before attempting to secure a foothold at $0.575.
But while SWELL might be shifting up a gear, a new layer-2 blockchain is stirring whales in space ahead of a monumental launch.
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