đ±đđThese Altcoins Could Break Out This Week
FANTOM (#FTM ) At the top of the list is Fantom,
which has been experiencing bullish momentum since mid-May. At the time of writing, the altcoin is consolidating at the breakout point of the descending wedge formation.This bullish formation suggests a potential 77% rally for $FTM after the altcoin breaks out. This puts the target for FTM at $0.68. Even if Fantomâs price fails to reach this breakout, it could still rally to $0.50.However, if Fantom fails to break out above the $0.41 resistance, it could fall back to test $0.29 as support. This would lead to consolidation for FTM and invalidate its bullish thesis.
$AAVE While #AAVE is not in the heat of a breakout, it is on track to see one in the coming days. Currently trading at $110, distributed AAVE is potentially starting a breakout from the widening rising wedge if it can replicate the 20% rally from the previous week.
The same is likely to happen because bullish momentum has increased significantly. Once $116 is breached, AAVE could surge towards 129, which could be the breakout point. A breakout from here would boost AAVE by 29% to 167.
However, if the altcoin fails to generate enough bullish momentum, it may not be able to break through $116. In the meantime, it could repeat itself, invalidating the bearish thesis and sending AAVE to $100.
Monero (#XMR ) Moneroâs price is following a similar falling wedge pattern to Fantomâs and is on the verge of a breakout. The bullish outlook suggests that XMR could see an almost 17% increase if it successfully breaks out.
This puts the rally target at 181, the highest level for XMR in years. While Monero may not reach 181, it could potentially rally to 165. If the test at this level develops as resistance, the altcoin will have stronger upward paths for the rally to occur after this point.
