Date: Mon, Dec 02, 2024, 06:05 PM GMT
The cryptocurrency market is riding a wave of bullish momentum as altcoins rally, driven in part by Bitcoin (BTC) dominance declining to 56.33% from its recent high of 61.53%.
Among these, Terra Classic (LUNC) and Compound (COMP) are drawing significant attention due to their impressive weekly performance and showing strong potential for major rallies, as both tokens have made successful retests following major breakouts from prolonged downtrends.
Terra Classic (LUNC)
LUNC had been trapped within a descending triangle pattern for over two years. Recently, it achieved a critical breakout at $0.0001262 by breaching the descending resistance line. Following the breakout, LUNC surged to $0.0001442 before retracing to retest its breakout level. Currently, the token trades around $0.0001317.
If LUNC reverses from its current level and reclaims $0.0001442, it could spark a fresh rally, targeting the next resistance levels at $0.00026 and $0.00033 — a potential upside of 155% from the current price. Further bullish momentum could push it toward the major resistance level of $0.00059.
Compound (COMP)
Similarly, Compound (COMP) broke out of its long-standing descending triangle pattern, which lasted over two years. The breakout occurred at $75.50, with COMP climbing to $80.76 shortly afterward. Following a retest, COMP has returned to its breakout zone and is trading near $76.80.
Should COMP manage a reversal and rise above $81.67, a fresh rally could follow, targeting $102.76 — representing a 34% gain from the current price. A sustained move could see COMP reaching as high as $174, which would be a 126% increase from current levels.
Final Thoughts
With both LUNC and COMP completing successful retests after major breakouts, a reversal at these levels could set the stage for significant gains. As Bitcoin’s dominance wanes, the altcoin market is showing renewed strength, providing an exciting opportunity for traders.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct thorough research before investing in cryptocurrencies.