In today’s cryptocurrency market, altcoins are making significant moves as Bitcoin’s ($BTC ) dominance dips to 55.24% from its recent peak of 61.53%. With BTC consolidating, tokens like Venus ($XVS) and Celer Network ($CELR ) are seizing the opportunity to break out of prolonged downtrends. These developments suggest the potential for substantial rallies in the near term.

Venus (XVS)

Venus (XVS) recently broke out of a descending triangle pattern that had constrained its price action for over three years. Earlier today, the token decisively surpassed the $11.77 resistance level, confirming a significant bullish breakout. Following this move, XVS rallied 19%, reaching $12.30, fueling optimism among investors.

Key Resistance Levels for XVS:

The next major resistance lies at $18.57, representing a potential upside of 55% from current levels.

Sustained momentum could propel XVS to additional resistance zones at $34.28 and $43.12, indicating a possible gain of 244% if bullish conditions persist.

On the technical front, the Relative Strength Index (RSI) on the weekly chart stands at 67.24, reflecting strong bullish momentum. However, traders should note that the RSI is nearing overbought territory, which may signal the possibility of short-term corrections.

Celer Network (CELR)

Celer Network (CELR) has also emerged from an extended consolidation phase. After being trapped within a descending triangle for over two years, CELR broke out above $0.024 earlier today. The token has since gained 4%, reaching $0.02566, and continues to show steady upward movement.

Key Resistance Levels for CELR:

Immediate resistance is located at $0.02975, followed by $0.04035, offering potential gains of 54% from current levels.

A sustained rally could push CELR toward the critical resistance level of $0.08524, marking a potential upside of 228% from its current price.

The weekly RSI for CELR currently reads 67.83, indicating strengthening bullish momentum. Notably, there remains room for further growth before the token enters overbought territory.

Market Outlook

Both Venus (XVS) and Celer Network (CELR) are exhibiting robust bullish momentum following their breakouts from multi-year downtrends. With Bitcoin’s dominance declining, the broader altcoin market appears poised for further gains, potentially favoring assets like XVS and CELR.

However, traders should remain cautious and monitor key resistance levels closely. Market sentiment and macroeconomic factors could influence the sustainability of these rallies. While the technical outlook is promising, a balanced approach is advised to navigate potential corrections and capitalize on opportunities effectively.

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