Will Recovery Continue for Top-Performing Tokens; LOOM, TWT, KLAY?

In the early weeks of October, the crypto market faced a significant downturn, with a bearish sentiment looming over market leaders like Bitcoin and Ethereum. This slump wasn’t isolated to the front-runners. as it sparked a wave of sell-off in the majority of cryptocurrencies, However, in a striking departure from the broader market trajectory, a handful of digital assets have managed to defy the odds and follow the tradition of the ‘Uptober Rally’. Specifically, the LOOM, TWT, and KLAY coins have shown significant growth suggesting they have a higher potential to prolong recovery if market sentiment improves.

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

Source- 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.

However, if the broader market uncertainty pushes the prices below the breached $0.248 barrier, the bullish thesis will be invalidated.

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

Source- 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

Source- 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.

Alternatively, if the potential retest breaks below the $0.1248 mark, the prior breakout will be termed as bull trap which may accelerate selling momentum.