Date: Mon, Dec 09, 2024, 03:48 PM GMT
In the cryptocurrency market, the ongoing bullish momentum continues to attract attention. Ignoring a mild correction today, Bitcoin (BTC) recently achieved a monumental milestone, hitting an all-time high of $103,900 following a 28% surge over the past 30 days.
This bullish sentiment has extended to the altcoin market, including gaming-related tokens Treasure (MAGIC) and Pixels (PIXEL), which have exhibited remarkable rallies. Over the past month, MAGIC has soared by 70%, while PIXEL has gained 37%. Both tokens are currently in the retesting phase after making key breakouts.
Treasure (MAGIC)
MAGIC has demonstrated a strong bullish trend, beginning its recent rally from a monthly low of $0.36. This momentum enabled the token to break out of a multi-year descending triangle, surpassing both its downward trendline and horizontal resistance level of $0.63. MAGIC climbed to a local high of $0.70 before retracing slightly.
Currently, MAGIC is undergoing a retest of its previous resistance, which has now turned into support at $0.6450. If this level holds and MAGIC manages to bounce higher, it could target its next major resistance zones at $1.02 and $1.60. These levels represent a potential upside of 150% from its current price, making them key indicators of further bullish potential.
Pixels (PIXEL)
Similarly, PIXEL has seen impressive gains, rallying 37% in the last 30 days. The token surged from a monthly low of $0.18 to a high of $0.30, breaking a key resistance level at $0.2450 in the process. Like MAGIC, PIXEL is now in a retesting phase, trading at $0.2552 after pulling back from its highs.
Should PIXEL successfully reverse from its current support, it could aim for the next resistance level at $0.5130. This represents a potential 100% gain from its breakout point. Clearing this level would likely confirm the continuation of its bullish momentum.
What To Expect Ahead?
Both MAGIC and PIXEL are positioned at crucial technical levels. Whether they can sustain their breakout levels and reverse positively will significantly influence their short-term price action. The broader market conditions, particularly Bitcoin’s declining dominance (now at 55.80%, down from a recent high of 61.53%), could further boost the performance of altcoins.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.