Date: Tue, Nov 12, 2024, 06:47 AM GMT
The cryptocurrency market has entered a strong bullish phase, spurred by Donald Trump's victory in the recent U.S. elections. Bitcoin (BTC) has continued its upward trajectory, reaching a new all-time high of $89,800 today. This bullish sentiment is extending to major altcoins, many of which are starting new rallies or breaking through key resistance levels.
Among these, several top tokens from the DePIN (Decentralized Physical Infrastructure Network) sector—namely BitTorrent (BTT), Akash Network (AKT), and AIOZ Network (AIOZ)—have shown impressive gains following major breakouts.
BitTorrent (BTT)
As seen in the chart, BitTorrent (BTT) broke above its descending trendline at $0.00000089, signaling a bullish reversal. This breakout has propelled the price to $0.000001171, and $BTTC is now holding just above this breakout level, which has turned into a key support.
The next challenge lies at $0.000001255. A successful breach of this resistance could open the path for BTT to target the next resistance at $0.000001333 and potentially climb as high as $0.000001516, where previous support-turned-resistance lies. The Relative Strength Index (RSI) shows strength, supporting further upside in the near term.
Akash Network (AKT)
Akash Network (AKT) has made a significant bullish breakout from its descending trendline at $2.31, quickly rising to a new high of $3.44. This breakout marks a reversal of its previous downtrend, and the support level now stands at $2.97.
The first resistance to watch is at $3.85, and breaking through this could propel $AKT towards the $5.83 target, which represents a substantial upside from the current levels. RSI is elevated, suggesting strong momentum but also indicating caution as the price nears overbought levels. Nonetheless, the overall trend is bullish, with potential for further gains if momentum persists.
AIOZ Network (AIOZ)
AIOZ Network (AIOZ) also broke out from a long-standing descending trendline at the $0.46 level, signaling a strong shift in market sentiment. After this breakout, the price quickly surged to $0.7150, where it now stands just below the immediate resistance at $0.7463.
If AIOZ manages to push past this level, it could target $0.9537, the next significant resistance level. Support is strong at $0.6069, providing a cushion in case of any pullback. RSI indicates bullish momentum, suggesting that $AIOZ may continue its upward trajectory if buying pressure remains steady.
Is The Rally Just Starting?
The recent breakouts and sustained gains across BTT, AKT, and AIOZ suggest that a bullish rally has indeed started for these tokens. Each has broken through major resistance levels, which now serve as support, setting the stage for potential continued gains. The broader market’s bullish sentiment, fueled by Bitcoin’s record-breaking rally, further enhances the likelihood of upward momentum in the DePIN sector. While RSI levels suggest that some of these tokens are approaching overbought territory, the positive sentiment in BTC and the technical structure of these charts imply that the rally may still have room to run.
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Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
