Date: Mon, Dec 09, 2024, 05:58 PM GMT
In the cryptocurrency market, bullish momentum remains strong as Bitcoin (BTC) recently achieved a new all-time high of $103,900 following a 28% surge over the past month. This upward trend has fueled significant rallies in altcoins, particularly Radix (XRD) and Moonbeam (GLMR), both of which are now approaching critical resistance levels.
Over the past 30 days, Radix has climbed by an impressive 124%, while Moonbeam has surged by 101%. These tokens are now sitting at key levels where breakouts could pave the way for substantial price gains.
Source: Coinmarketcap
Radix (XRD)
Radix (XRD) has shown a powerful recovery, rallying from a monthly low of $0.016 to its current price of $0.0365. The ongoing upward movement has pushed XRD toward a descending trendline resistance that has acted as a strong barrier throughout its long-term downtrend.
The critical price level to watch here is $0.0407, where the descending trendline converges with prior resistance zones. If $XRD breaks above this level, it could trigger a strong rally with the next target around $0.085, marking a potential upside of over 100%.
Technical indicators further support this bullish scenario. The MACD is showing growing momentum, with the histogram printing green bars as the MACD line moves above the signal line.
Moonbeam (GLMR)
Moonbeam (GLMR) has also performed impressively, surging from $0.17 to its current price of $0.3476 over the past month. This upward momentum has brought GLMR to a descending trendline resistance that has capped price movements since mid-2022.
The key price level to monitor here is $0.376, where the trendline intersects with previous areas of rejection. If $GLMR manages to break through this critical level, the token could see a significant rally toward its next major resistance target at $0.73, representing a potential gain of nearly 96%.
The technical setup for GLMR remains bullish as well. The MACD indicator has turned positive, with its lines crossing into bullish territory, and rising trading volume signals increasing buyer confidence. These indicators suggest that GLMR has the momentum needed for a potential breakout.
Are Big Rallies on the Horizon?
Both Radix (XRD) and Moonbeam (GLMR) are at pivotal moments in their price trajectories. With Bitcoin’s dominance showing early signs of decline, attention is shifting to altcoins, and these two assets are well-positioned for significant upside potential if they can break through their respective resistance zones.
However, it is important to remember that while the charts are promising, breakouts are never guaranteed, especially in the volatile cryptocurrency market. Investors should closely monitor these key levels and look for confirmed breakouts with strong trading volume before making any moves.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always perform your own research before making investment decisions.
