Date: Sat, Nov 09, 2024, 07:02 AM GMT
The crypto market is on a bullish run as Bitcoin (BTC) has hit three new all-time highs over the past three days, reaching an unprecedented $77,000 today. This surge comes on the heels of Donald Trump’s re-election, during which he publicly expressed strong support for cryptocurrencies, sparking renewed investor enthusiasm.
This wave of bullishness has spread across the altcoin market, with several major tokens preparing for significant rallies. Two standouts are Balancer (BAL) and Ren (REN), both of which have shown impressive gains in the past 24 hours and seem positioned for further upward momentum.
Source: Coinmarketcap
Prominent crypto analyst @ZAYKCharts has provided insights into these altcoins, pointing to major breakouts and the potential for sustained rallies. Let’s dive into the technical analysis for each.
1.Balancer (BAL)
According to analyst, Balancer has confirmed a breakout above the $2.00 level, a key resistance that had previously capped its price for weeks. This trendline breakout signals a potential trend reversal, indicating that $BAL may have more room to run. The breakout is backed by strong volume, a positive indicator of investor interest in the token.
Source: @Zaykcharts (X)
If BAL continues to maintain its momentum, it could target the $3.20 level, representing a potential 60% gain from its current price.
2.Ren (REN)
$REN has also shown promising signs with a breakout from its descending channel, a pattern that typically signals a shift from bearish to bullish momentum. Breaking through the $0.035 level with strong support suggests that Ren could see a significant upward trend.
Source: @Zaykcharts (X)
With momentum building, Ren is setting its sights on a potential target of $0.061, which would equate to a 70% gain from the current price. This bullish breakout aligns with the general market sentiment and could attract additional buyers in the coming days.
Final Thoughts
With Bitcoin leading the way and investor sentiment riding high after Trump’s pro-crypto stance, altcoins like Balancer and Ren are well-positioned for potential gains. Both tokens have achieved confirmed breakouts and, based on technical analysis, could see significant upward momentum in the short term. However, as with all investments, these moves come with risks, and it’s essential to monitor the broader market for any sudden shifts in sentiment.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing in cryptocurrencies.
