The majority of cryptocurrencies did not have a great weekend. However, there were exceptions as always. Bitcoin (BTC) today initiated the drop it has been signaling for days. The price dropped to $29,000, and most altcoins continue to remain in the red. So, what happened with the three altcoins that were the exception? Why did they rise and what can we expect next?
Theta Token (THETA)
It ranks first among the three altcoins and could not escape the general market decline that started this afternoon. The THETA price has been rising along an upward support line since June 10th. During this period, it made several attempts to break out of the $0.82 horizontal resistance area. The price movement, when combined with the rising support line, forms a rising triangle. A rising triangle is considered a bullish formation, which usually leads to breakouts. This is also consistent with the fact that resistances weaken every time they are touched.
For now, the triangle seems to have broken downwards and is targeting $0.7. If it can reclaim the region again, we may see it rise up to $1.2. The above chart represents the latest situation before the breakout.
Horizen (ZEN)
The ZEN price has been rising since June 10th. On June 30th, the price broke out of a descending resistance line. It then returned after ten days to confirm the line as support. However, despite the increase, ZEN could not surpass the $9.40 resistance. It continues to move away from this area with the drop in Bitcoin price. The optimism in ZEN’s price is due to the weakening of its privacy-focused aspect. This reduces the possibility of the token facing the US Department of Justice.
The target in the upward breakout is $13, but for now, it seems that the support test towards $7.2 will continue. At the time of writing, the price is at $8.85, and if BTC recovers, the bullish scenario may be valid. It wouldn’t be surprising to see a speculative move in the opposite direction as some of the accumulated long positions have been cleared in the king cryptocurrency.
Trust Wallet Token (TWT)
Despite having massive gains with Binance support, the excitement has waned. The TWT price fell below a descending resistance line since January 29th. This drop led to a test of $0.71 on June 10th. TWT has attempted to break the resistance line for the fourth time, but the overall market decline is preventing it.
We may see the fifth test happening in the coming hours. In this scenario, $1.1 could be visited. If the BTC decline continues, the price could drop to the previous support at $0.71.
