Aave’s bullish pennant signals a potential breakout, targeting a move towards the $200 level from $108.72.
Fantom’s falling wedge hints at a possible 191% rally if resistance near $1.2 is broken.
Bittensor’s descending channel suggests a potential 151% gain if the price breaks above $790.
Several analysts are closely monitoring specific levels for altcoins like Aave, THORChain, Fantom, and Bittensor. Analysts are particularly focused on potential breakouts that could signal significant upward movements. Their charts and observations provide insights into price action and anticipated targets in the coming weeks. These tokens have emerged as notable examples, with analysts examining their respective chart patterns to forecast possible bullish trends.
Aave has caught the attention of analysts due to a bullish pennant pattern forming on its daily timeframe chart. According to a chart analysis by World Of Charts, this formation typically suggests a continuation of an existing bullish trend.
$Aave
Formed Bullish Pennant Incase Of Successful Breakout Expecting Move Towards 200$#Crypto #Aave pic.twitter.com/nITIqYdSvY
— World Of Charts (@WorldOfCharts1) August 16, 2024
The price of Aave has been consolidating within narrowing boundaries, with the upper trendline acting as resistance and the lower trendline providing support. Priced at $108.72 at press time with a 24-hour trading volume of $318,469,001, the price is nearing the apex of the pennant, signaling an imminent breakout. If Aave successfully breaks out, the analyst expects a potential rise toward the $200 level, representing a significant move from its current position.
Fantom (FTM) has also been closely examined, with the analyst noting its approach toward a crucial resistance level. A chart depicting FTM’s price action shows the presence of a falling wedge pattern.
$Ftm#Ftm Approaching Towards Crucial Resistance Successful Breakout Can Lead Massive Bullish Wave pic.twitter.com/w3qYhekARV
— World Of Charts (@WorldOfCharts1) August 16, 2024
Typically, this pattern signals a bullish reversal, particularly when selling pressure decreases as the price moves within a narrowing range. With resistance near the $1.2 mark and support around $0.25, a successful breakout could lead to a 191% rally, pushing the price toward the resistance. The price of FTM at the time of reporting is $0.3818, with a 24-hour trading volume of $270,635,130, showing a notable increase of 12.24% over the past week.
Analysts are also keeping a close eye on Bittensor (TAO), which has been trading within a well-defined descending channel. This pattern, characterized by parallel trendlines according to Captain Faibik, has held the price in a downtrend. The analyst points out that a breakout above the upper trendline could trigger a bullish reversal, leading to a potential 151% gain. If this occurs, TAO could target a price near $790. The price of Bittensor stands at $269.54, with a 24-hour trading volume of $75,276,558. However, it has seen a decline of 13.07% over the past seven days.
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Meanwhile, Captain Faibik observes similar dynamics with RUNE, also describing a falling wedge on the daily chart. The pattern closely mirrors that of Fantom, with the potential for a 200% upside if the resistance at around $4.8 is breached. He advises accumulating RUNE during this phase while awaiting confirmation of a breakout.
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