Date: Fri, Jan 31, 2025, 03:35 PM GMT
In the cryptocurrency market within the last few hours, major altcoins are making impressive gains following Ethereum’s (ETH) breakout and a decline in Bitcoin (BTC) dominance, which has now dropped to 58.81%.
This shift has allowed liquidity to flow into altcoins, with Stacks (STX) and Arbitrum (ARB) are coming in spotlight with noticeable gains.
Both tokens are approaching key resistance levels of falling wedge patterns, and the breakouts could lead to further upside movement.
Stacks (STX)
Stacks (STX) is currently trading at $1.38 and is edging closer to a critical resistance level. The token recently found support around $1.20, which aligns with the lower boundary of its falling wedge pattern.
If STX successfully breaks out and confirms support with a retest, the next resistance to watch is the 25SMA. A clean move above this level could push the price toward $1.73 and $1.87, marking a potential 36% gain from its current price.
The MACD indicator is also beginning to shift into bullish territory, hinting at growing momentum.
Arbitrum (ARB)
Arbitrum (ARB) is following a similar pattern, currently trading at $0.67 and approaching key resistance at the 200SMA. The token recently found strong support around $0.5841, which marked the lower boundary of its falling wedge.
If ARB manages to break out and successfully retest the resistance, the next price targets sit at $0.83 and $0.95. Clearing these levels could lead to gains of 41%, making ARB one of the standout performers in the current market cycle. The MACD indicator is also on the verge of turning positive, signaling a potential momentum shift.
Will These Tokens Rally?
Ethereum’s breakout has injected fresh energy into the market, while the decline in Bitcoin dominance to 58.81% suggests altcoins have room to grow. With STX and ARB both nearing critical breakout points, traders are closely watching for confirmation. If these tokens push past their key resistance levels, they could be primed for significant rallies in the coming days.
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