Date: Mon, Jan 06, 2025, 05:58 AM GMT
In the cryptocurrency market, major altcoins are showing notable upside momentum as Bitcoin (BTC) dominance drops from 58.12% on December 31 to 57.17% today. This shift has provided a favorable environment for top-performing altcoins like Cosmos (ATOM) and Celestia (TIA), which are gaining momentum following recent breakouts.
Source: Coinmarketcap
Both tokens are now approaching critical resistance levels, raising the question: are more gains on the horizon?
Cosmos (ATOM)
Cosmos $ATOM has broken out of a descending channel near $6.73, signaling a bullish reversal. Currently trading at $7.44, the token is inching closer to its horizontal resistance at $7.65.
Cosmos (ATOM) 4H Chart/ Coinsprobe (Source: Tradingview)
A successful breach of this level could open the door to its next targets at $9.33 and $10.58. Such a move represents a potential 42% increase from its current price.
From a technical standpoint, the 4-hour chart shows a bullish divergence in the MACD (Moving Average Convergence Divergence), with the MACD line crossing above the signal line. This suggests building momentum.
Celestia (TIA)
Celestia (TIA) has also shown remarkable strength, breaking out of a falling wedge pattern near $4.82. The token is trading at $5.57 and is testing a critical resistance zone at $5.81.
Celestia (TIA) 4H Chart/ Coinsprobe (Source: Tradingview)
If $TIA can clear this barrier, the next upside targets lie at $7.62 and $9.28, offering a potential 65% gain from current levels.
The MACD on the 4-hour chart reveals growing bullish momentum, with the histogram turning positive.
Are More Gains on the Horizon?
Both ATOM and TIA are at pivotal levels, supported by bullish technical setups and favorable market conditions driven by declining BTC dominance. If these altcoins manage to break through their respective resistance zones, they could unlock substantial upside potential.
However, traders should remain cautious. Breaking key resistance requires sustained trading volume and broader market support. A failure to secure these conditions could lead to retracements, providing buying opportunities at lower levels.
Get more updates on: coinsprobe.com
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct thorough research before investing in cryptocurrencies.
