Date: Wed, Dec 04, 2024, 11:03 AM GMT
In today’s cryptocurrency market, major altcoins are making waves as Bitcoin’s (BTC) dominance retreats to 55.24% from its recent high of 61.53%.
With BTC taking a breather, altcoins like Venus (XVS) and Celer Network (CELR) are coming into the spotlight with noticeable gains, following major breakouts from multi-year downtrends. These breakouts suggest the possibility of significant rallies ahead for these tokens.
Venus (XVS):
Venus (XVS) has been locked in a descending triangle pattern for over three years. Earlier today, the token decisively broke through this structure at $11.77, confirming a significant bullish breakout. The price then surged by 19% to reach $12.30, sparking optimism among investors.
Resistance Levels for XVS:
- The next significant resistance level is at $18.57, which represents a potential gain of 55% from the current price.
- Beyond this, additional resistance levels lie at $34.28 and $43.12, indicating a possible rally of 244% if bullish momentum sustains.
he Relative Strength Index (RSI) on the weekly chart has surged to 67.24, reflecting strong bullish momentum but nearing overbought territory.
Celer Network (CELR):
Celer Network (CELR) has also emerged from a prolonged period of consolidation. The token was confined within a descending triangle pattern for over two years before achieving a pivotal breakout at $0.024 earlier today. Following the breakout, CELR saw a modest but steady 4% gain, reaching $0.02566.
The next resistance levels are at $0.02975 and $0.04035, offering potential gains of 54% from the current price. Further upward movement could see CELR test the critical resistance level of $0.08524, which would mark a potential rally of 228% from its current level.
The RSI on the weekly chart is currently at 67.83, confirming strengthening bullish momentum while leaving room for further growth before reaching overbought levels.
Final Thoughts
Both Venus (XVS) and Celer Network (CELR) are demonstrating strong bullish momentum following their breakouts from prolonged downtrends. Coupled with Bitcoin’s dominance declining, the altcoin market appears ripe for further gains. However, traders should exercise caution and closely monitor key resistance levels and overall market sentiment.
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