Date: Thu, Nov 28, 2024, 06:59 AM GMT
In the cryptocurrency market, major altcoins are starting to regain bullish momentum as Bitcoin’s dominance begins to decline. BTC dominance recently dropped from its high of 61.28% on November 21 to its current level of 58.27%, bringing attention to altcoins. Two notable tokens, Theta Fuel (TFUEL) and Pyth Network (PYTH), have surged in the past week and are now trading at key resistance levels.
Theta Fuel (TFUEL)
Since the 2021 bull run, TFUEL has been consolidating in a prolonged downtrend. However, a 40% surge over the past 30 days has lifted its price to $0.078, bringing it close to a crucial downtrend line and horizontal resistance level around $0.085.
If TFUEL can break through this resistance with strong momentum, it could trigger a fresh rally. Potential upside targets lie at $0.145 and $0.25, representing a remarkable 215% increase from current levels. Traders are eyeing a decisive move above $0.085 as the signal for the next leg of TFUEL’s recovery.
Pyth Network (PYTH)
PYTH has gained significant traction recently, fueled by its listing on Gemini exchange, which drove a 10% price surge yesterday. The token is now trading at $0.4760, sitting just below a major resistance zone between $0.47 and $0.51.
Should PYTH confirm a breakout above this resistance, it could trigger a rally toward $0.58 and ultimately $0.71, offering a potential 50% upside from its current price. With the momentum building and new exchange listings boosting interest, PYTH is positioned for a strong breakout.
Final Thoughts
Both TFUEL and PYTH are exhibiting bullish setups as they approach critical resistance levels. Breakouts above their respective resistance zones could unlock significant upside potential for these altcoins. However, traders should remain cautious and ensure proper risk management, as resistance zones often see increased selling pressure.
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