Date: Sat, Jan 04, 2025, 04:35 PM GMT
The cryptocurrency market is experiencing upside rallies in major altcoins as Bitcoin (BTC) dominance marks a significant decline from its December 31 level of 58.12% to today’s 56.81%. This shift has provided a favorable environment for top-performing altcoins like Jasmycoin (JASMY) and Starknet (STRK), which are gaining momentum following recent breakouts.
With both tokens approaching critical resistance levels, the question remains whether they can sustain their upward trajectory.
Jasmycoin (JASMY)
Jasmycoin (JASMY) has displayed impressive growth, breaking out of a falling wedge pattern near $0.033. It is now trading at $0.039, approaching a critical horizontal resistance level at $0.041.
If this resistance is breached, JASMY could target $0.048 and $0.059 as its next resistance zones. This potential move represents a 51% increase from its current price.
Technical indicators further support this bullish outlook. The MACD (Moving Average Convergence Divergence) on the 4-hour chart shows strong upward momentum, reflecting increased buying pressure and market optimism.
Starknet (STRK)
Starknet (STRK) has similarly demonstrated resilience, breaking out of a falling wedge pattern near $0.048. The token is currently trading at $0.5238 and is testing a crucial resistance level at $0.5357.
A clean breakout above this zone could pave the way for further gains, with targets set at $0.67 and $0.80. Such a move would equate to a 54% increase from its current trading price.
The 4-hour MACD for STRK also highlights a bullish trend, indicating growing buying momentum. This aligns with STRK’s breakout potential, suggesting it could continue to climb if it clears its resistance level convincingly.
Are More Gains on the Horizon?
Both JASMY and STRK are at pivotal levels, poised to capitalize on their bullish technical setups. The recent decline in BTC dominance is providing a tailwind for altcoin performance, and this trend could spur major rallies if the momentum persists.
However, traders should remain cautious as breaking through resistance levels often requires sustained trading volume and broader market support. Should these conditions materialize, JASMY and STRK could deliver significant gains, potentially outpacing the broader market in the near term.
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