The cryptocurrency market is showing signs of renewed bullish momentum, particularly in altcoins, as Bitcoin's dominance begins to decline. Bitcoin's dominance, which peaked at 61.28% on November 21, has now decreased to 58.27%, drawing increased attention to alternative tokens. Among the top-performing altcoins, Theta Fuel (TFUEL) and Pyth Network (PYTH) have experienced notable surges in recent weeks, now trading near key resistance levels.
Theta Fuel (TFUEL)
Following the significant bull market of 2021, Theta Fuel ($TFUEL ) has remained in a prolonged downtrend. However, the past month has brought a strong 40% recovery, pushing the token’s price to $0.078. This recent rally places TFUEL just below a critical resistance area marked by a long-standing downtrend line and horizontal resistance at $0.085.
A breakout above this resistance, coupled with strong momentum, could act as a catalyst for a fresh rally. Potential upside targets are identified at $0.145 and $0.25, representing an impressive potential gain of 215% from current levels. Market participants are closely monitoring price action at $0.085, as a decisive breach could signal the start of TFUEL’s next major recovery phase.
Pyth Network (PYTH)
The Pyth Network ($PYTH ) token has recently garnered increased attention, largely due to its listing on the Gemini exchange. This development sparked a 10% surge in price, with PYTH now trading at $0.4760, just below a major resistance range of $0.47 to $0.51.
Should PYTH successfully break through this resistance zone, the token could rally toward its next upside targets at $0.58 and $0.71, reflecting a potential 50% increase from current levels. With rising momentum and heightened market interest driven by new exchange listings, PYTH appears well-positioned for a strong breakout.
Conclusion
Both TFUEL and PYTH are displaying bullish technical setups as they test critical resistance levels. Breakouts from these zones could unlock significant upside potential, with TFUEL targeting gains of over 200% and PYTH poised for a 50% increase. However, traders are advised to approach these opportunities with caution, as resistance levels often attract heightened selling pressure. Effective risk management and close monitoring of breakout confirmations will be key for navigating these markets.
