Date: Sat, Feb 01, 2025, 06:08 AM GMT
In the last 24 hours, major altcoins have been making impressive gains following Ethereum’s (ETH) breakout. This rally has also resulted in a decline in Bitcoin (BTC) dominance, which now stands at 58.81%.
With liquidity flowing into altcoins, gaming tokens Gala (GALA) and Axie Infinity (AXS) are coming on green track track with noticeable gains.
Both tokens are approaching key resistance levels within their falling wedge patterns, and potential breakouts could lead to further upside movement.
Gala (GALA)
Gala (GALA) is currently trading at $0.03218 and is edging closer to the upper resistance of its falling wedge, which aligns with the 25-day Simple Moving Average (SMA). The token recently found strong support around $0.0278, which coincides with the 200-day SMA, reinforcing a key demand zone.
If GALA successfully breaks out and confirms support with a retest, the next key resistance is at the 100-day SMA. A clean move above this level could push the price toward $0.042 and $0.044, marking a potential 37% gain from its current price.
MACD: The MACD line is crossing above the signal line, indicating growing bullish momentum.
Axie Infinity (AXS)
Axie Infinity (AXS) is following a similar pattern, currently trading at $5.46 and approaching the upper resistance of its falling wedge. The token recently found strong support around $4.99, which marked the lower boundary of the wedge.
If AXS successfully breaks out and confirms support with a retest, the next resistance to watch is the 25-day SMA. A clean move above this level could push the price toward the next resistance level of $6.78, marking a potential 26% gain from its current price.
MACD: AXS’s MACD is approaching a bullish crossover, signaling growing upward momentum.
Will These Tokens Rally?
As of now, Ethereum (ETH) is retesting its breakout level of $3,280, and if it bounces from this level, it could ignite a major rally in altcoins. Meanwhile, Bitcoin’s dominance has dropped to 58.81%, indicating that capital is flowing into alternative assets.
With GALA and AXS both approaching critical breakout points, traders are keeping a close eye on potential upward moves. However, confirmation signals are crucial before making any trading decisions, as market conditions can shift rapidly.
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