Date: Sat, Nov 30, 2024, 02:21 PM GMT
The cryptocurrency market continues its bullish momentum as altcoins show renewed strength. Bitcoin dominance has dropped from a recent high of 61.53% to 57.52%, signaling a potential shift in market dynamics and sparking optimism in altcoins. Amid this bullish sentiment, Algorand (ALGO) and Filecoin (FIL) are capturing attention as they approach critical resistance levels.
Source: Coinmarketcap
In the past 30 days, ALGO has surged by an impressive 289%, while FIL has followed suit with an 83% gain. Both tokens are now trading at key levels that could determine whether their recent rallies extend further.
Algorand (ALGO):
Algorand has shown incredible resilience and strength, rallying from its bottom level of $0.11 to its current price of $0.447. $ALGO recently broke through the resistance level of $0.30, signaling renewed buying interest. Now, the token is testing a critical resistance zone between $0.38 and $0.46.
If ALGO successfully clears this zone, it could open the door to significant upside potential. The next major resistance levels lie at:
$0.77 (+68% potential gain)
$1.00 (+120% potential gain)
Breaking above $1.00 could set the stage for a retest of the next significant target at $1.83, a level not seen since ALGO’s earlier peaks.
Filecoin (FIL):
Filecoin (FIL) has been trading within a descending triangle pattern since April 2022. After hitting its bottom at $3.40, $FIL has rebounded strongly and recently broke above the critical descending trendline resistance at $6.20. This breakout has pushed the price to its current level of $6.48, which lies within a resistance zone.
A decisive breakout above $6.80 could initiate a strong bullish rally, with potential targets at:
$10.45 (+61% potential gain)
$12.33 (+90% potential gain)
In the mid-term, momentum could propel FIL towards $28.00, the upper boundary of its long-term pattern, representing a significant upside from current levels.
Are Bigger Gains on the Horizon?
The bullish rallies in ALGO and FIL align with a broader altcoin rallies, supported by declining Bitcoin dominance. If both tokens manage to clear their respective resistance zones, the likelihood of sustained rallies increases significantly.
While the technical setups are promising, traders should remain cautious. As always, proper risk management and thorough research are essential when navigating the cryptocurrency market.
Get more updates at: coinsprobe.com
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing in cryptocurrencies.
