Date: Fri, Nov 08, 2024, 05:22 AM GMT
The cryptocurrency market is riding with bullish sentiment as Bitcoin (BTC) continues its streak, reaching a new all-time high of $76,934. This surge, catalyzed by Donald Trump’s recent election victory and his pro-crypto stance, along with a massive inflow into BTC ETFs, has sent ripple effects across the crypto space.
Major altcoins, including Injective (INJ), Hedera (HBAR), and Arweave (AR), are experiencing impressive upward momentum and have broken through key levels, suggesting further gains may be on the horizon.
Let’s take a closer look at each of these altcoins from a technical perspective.
1.Injective (INJ)
Injective (INJ) has shown a strong breakout from a downward channel that spanned several months, as seen on the daily chart. The breakout above $20.97 confirms a bullish reversal pattern, as the price has broken above a descending resistance trendline, which previously capped upside attempts. With this breakout, INJ is now facing a minor resistance level at $23.52, which, if cleared, could push prices toward the next resistance at $28.18 and potentially $33.10.
The RSI indicator sits in a moderately bullish zone, signaling room for further upside as momentum strengthens.
2.Hedera (HBAR)
HBAR has also managed to break out of a prolonged downtrend, marked by a clear breakout above the $0.04714 level. This level acted as a psychological barrier, and its breach indicates that HBAR could be set for a sustained uptrend. With immediate resistance at $0.06228, overcoming this level may set the stage for a larger rally toward $0.0928, a key resistance from earlier highs.
The daily RSI has crossed above 50, suggesting bullish momentum is building, though caution may be warranted at resistance levels where selling pressure could emerge.
3.Arweave (AR)
Arweave (AR) has followed a similar bullish path, successfully breaching the critical breakout level of $16.01. This move comes after a prolonged downtrend, setting up a bullish reversal pattern on the daily timeframe. The next resistance level lies at $20.00, and if AR manages to surpass this, it could target higher levels at $24.70 and $29.00.
The RSI is currently trending upward, further confirming the strength of the bullish momentum in AR. A sustained move above these resistance levels could be a strong sign of continued bullish activity.
Summary
The altcoin market appears to be following Bitcoin’s lead, with major breakout levels achieved by INJ, HBAR, and AR. These tokens have entered into bullish territory, each breaking key technical levels that indicate strong buying interest and a potential for further rallies in the short to medium term.
As always, traders should monitor these resistance levels closely, as they may act as potential barriers to further gains. With the overall market sentiment leaning bullish, these tokens could see additional upside, but it’s essential to stay cautious, particularly with volatile assets.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.