Date: Thu, Nov 07, 2024, 08:55 AM GMT
In the cryptocurrency market, momentum has shifted toward a bullish rally as Bitcoin (BTC) soared to a new all-time high of $76,000 today. This surge was primarily fueled by Donald Trump’s victory in the U.S. presidential election, where he expressed strong support for cryptocurrencies.
This bullishness has spread across the crypto space, with several major altcoins also preparing for significant rallies. Notably, Cardano (ADA), Chainlink (LINK), and Filecoin (FIL) have each shown substantial gains over the past 24 hours and appear poised for further upward momentum.
Prominent crypto analyst @ZAYKCharts has shared insights on these top altcoins, pointing to confirmed major breakouts and the potential for continued rallies. Let’s take a closer look at the technical analysis for each.
1. Cardano (ADA)
According to analyst, Cardano (ADA) has broken out of a falling wedge pattern on the daily chart, a technical setup often signaling a bullish reversal. This breakout occurred at the $0.35 level, and ADA is currently trading above it at $0.3707. The breakout is seen as a key moment for Cardano, which has struggled to gain momentum in recent months.
Potential Target: The analyst has set a target of $0.60 for ADA, representing a substantial upside of approximately 65% from its current price. If ADA can maintain its momentum, this target could be within reach, especially given the positive sentiment sweeping across the broader crypto market.
2. Chainlink (LINK)
Chainlink (LINK) has also caught the market’s attention with two consecutive breakouts in a falling wedge pattern. The most recent breakout occurred today at $12.00, with LINK currently trading above that level at $12.30. This pattern suggests that LINK has been building up strength for a potential major rally.
Potential Target:
Analyst has marked a bold target of $50 for LINK, which would represent an impressive upside of over 300% from its current price. With strong demand for decentralized oracles in blockchain applications, LINK’s breakout could attract more investors eyeing substantial gains.
3. Filecoin (FIL)
Filecoin (FIL) is also showing signs of a bullish breakout. Today, it broke above the $3.72 level, the upper resistance line of a falling wedge pattern, and is currently trading at $3.79. This breakout suggests a potential trend reversal for FIL, which has seen significant accumulation in recent trading sessions.
Potential Target: The analyst has set a target of $6.50 for FIL, signaling a potential upside of over 70% from its current price. Given the growing demand for decentralized storage solutions and Filecoin’s prominent position in this sector, the breakout could pave the way for further gains.
As these altcoins continue to gain traction, investors are keeping a close watch on key support and resistance levels to confirm the strength of these breakouts. With Bitcoin’s rally boosting confidence across the market, ADA, LINK, and FIL may soon see significant price appreciation if they can maintain their momentum.
Disclaimer: This article is for informational purposes only and is not financial advice. Always conduct your own research before investing in cryptocurrencies.