Date: Sun, Dec 29, 2024, 07:00 AM GMT
In the cryptocurrency market today, we are witnessing a rebound in altcoins after facing a correction for the past two weeks. Following this recovery, top altcoins such as Raydium (RAY), Pyth Network (PYTH), and Kaspa (KAS) are coming into the spotlight with noticeable gains, signaling a positive outlook for the week ahead.
Let’s take a closer look at each of these projects and their market movements.
Raydium (RAY)
Raydium (RAY) is gaining momentum following a breakout from a falling wedge pattern. Currently, RAY is retesting its breakout level at $5.21, just below the key resistance of $5.35. This level is crucial, as a successful breakout above it could pave the way for further upward movement.
Should RAY manage to surpass this resistance, it is likely to target the next resistance zones at $5.87 and $6.60. This trajectory presents a potential upside of approximately 22% from its current price level.
The overall structure indicates a bullish sentiment, with technical indicators aligning to suggest the continuation of this positive trend.
Pyth Network (PYTH)
Pyth Network (PYTH) is showing similar price action to RAY, with its price currently trading at $0.39. PYTH is approaching the upper resistance of its falling wedge pattern, which coincides with a significant resistance zone.
A breakout above the $0.4043 level would signal a bullish continuation, potentially pushing the price toward its next major resistance at $0.5049. This breakout could result in an impressive 28% gain from its current price.
With strengthening technical indicators and price consolidation near a critical level, PYTH is an altcoin worth keeping a close eye on this week.
Kaspa (KAS)
Kaspa (KAS) has recently undergone a major correction, pushing its price down to a critical support trendline. Historically, this trendline has acted as a reversal point for KAS, and it appears to be doing so again.
Currently trading at $0.1221, KAS is bouncing back from its support and showing early signs of a recovery. Both the MACD and RSI indicators are at oversold levels, suggesting that the price is bottoming out and poised for a potential reversal.
If this momentum continues, KAS could retest higher resistance levels in the coming days, making it an attractive candidate for potential gains.
Conclusion
With Raydium (RAY), Pyth Network (PYTH), and Kaspa (KAS) all showing promising technical setups, these altcoins are positioned as strong contenders for gains this week. Whether it’s RAY’s breakout potential, PYTH’s proximity to a critical resistance zone, or KAS’s bounce off a key support level, these cryptocurrencies are worth monitoring closely.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry risk. Always conduct thorough research and consult a financial advisor before making any investment decisions.