Altcoins
Top Altcoin Picks For Breakout Rally Gains Next Week
With the growing chances of Bitcoin hitting the $60,000 mark this week, the chances of a bull run this month are getting stronger. Additionally, the recovery rally in altcoins gaining momentum signals a potential bull run.
With high expectations of a bull run in the market, here are the top little-known altcoins that are poised for a huge jump. So, let’s take a closer look at the technical analysis of these altcoins to find the best entry opportunity this week.
Top Altcoin Picks: SAFE (SAFE)
With a consolidation range, the price trend of SAFE token is moving sideways from a downtrend within a descending channel. With a market cap of $626 million and trading at $1.47, the altcoin is teasing a trend reversal.
With price rejection candles lower at the $1.30 baseline, the bullish reversal in the altcoin represents a 9% jump. Testing the resistance above, the bullish trend in possibilities is increasing.
With the breakout of the range, SAFE price could reach the overhead resistance trendline near $1.80. Optimistically, the breakout of the channel can pump the altcoin to $2.50.
Gate Token (GT)
With a market cap of $645 million, GT token is among the top 100 cryptocurrencies. Trading at $6.93 with an intraday move of 0.36, the altcoin has dropped by 4.15% over the past 7 days. However, a lower price rejection on the weekly candle and a 3.91% jump tease a bullish trend.
According to the trend-based Fibonacci level, mapped on the 2021 bull run, GT price is attempting to gain support at the 50% level. Furthermore, the altcoin’s weekly trend reveals a potential double bottom at the $6.50 mark.
With a neckline at $8.50, the bull run in the GT price reversal could reach the neckline. Also, a breakout rally in the altcoin could cause a price jump to the $15.62 mark or the 1.618 Fib level.
Skale (SKL)
With a market cap of $238M, SKL’s price trend is experiencing a phase of moving correction. This leads to a descending channel on the daily chart, where the altcoin is down 65% and below the psychological limit of $0.050.
Based on the Fibonacci level, SKL price tests the 78.60% Fibonacci level at the $0.042 mark. With a small bullish recovery in the past few days, the altcoin is up 12% in five days.
Considering that the bullish phase continues, the SKL token could rise to the 50% Fibonacci level at $0.084.