Date: Sun, Dec 08, 2024, 06:51 AM GMT
The cryptocurrency market has been on a bullish rally since Donald Trump’s victory in the U.S. elections on November 5. Bitcoin (BTC) has surged by 31% over the last 30 days, hitting an all-time high of $103,900. This momentum has trickled down to altcoins, with the BTC dominance declining to 55.15% from its recent high of 61.53%.
Among the standout performers are Arbitrum (ARB) and Aave (AAVE), which have rallied over 100% and 50% respectively, now approaching critical resistance levels.
Arbitrum (ARB):
Arbitrum (ARB) has delivered a stellar rally over the past month of 102%, climbing from $0.53 to a recent high of $1.26. The token is currently trading at $1.15, within an important resistance zone ranging between $1.11 and $1.26.
If ARB manages to break above the $1.26 level, the next potential resistance levels lie at $1.57 and $1.77. A successful breakout could result in a price surge of up to 38% from the current resistance point.
However, the daily RSI shows overbought conditions, suggesting buying pressure is increasing.
Aave (AAVE):
Aave (AAVE) has mirrored this trend, with a strong rally of over 50% in the last 30 days, pushing its price from $170 to a peak of $280. AAVE is now trading near $277, positioned within a resistance zone between $270 and $300.
Should AAVE break above the $297 level, the next significant resistance points are $349 and $460. This could mean a potential upside of 54% from the breakout level.
The MACD indicator on the daily timeframe signals sustained bullish momentum, strengthening the case for a breakout, although traders should stay alert to the possibility of price consolidation at current levels.
Are Breakouts On The Horizon?
Both Arbitrum (ARB) and Aave (AAVE) are showing robust bullish patterns, with key resistance levels now in sight. As Bitcoin’s dominance continues to wane, the focus has shifted to altcoins, making these two tokens prime candidates for further upward movement. If they successfully clear their respective resistance zones, significant gains could be on the horizon.
However, traders are advised to watch these levels closely and look for strong breakout confirmations, as resistance areas often attract selling pressure.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.