The cryptocurrency market is witnessing renewed bullish momentum today, with Bitcoin ($BTC ) surging 2.58% to reclaim the $105,000 level. This upward move follows the Federal Reserve’s decision to maintain the federal funds rate at 4.25%-4.50%.
As Bitcoin leads the charge, altcoins such as Cosmos ($ATOM ) and Immutable ($IMX ) are gaining traction, both approaching key resistance levels that could determine their next significant price movements.
Cosmos (ATOM) Outlook
Currently trading at $6.09, Cosmos (ATOM) is nearing a critical juncture within a falling wedge pattern—an indicator often associated with potential bullish reversals. The asset recently found support near $5.59, aligning with the lower boundary of the wedge and the 200-day Simple Moving Average (SMA).
Technical Indicators:
A successful breakout from the wedge could see ATOM testing initial resistance at the 25-day SMA.
If momentum persists, the next key resistance levels stand at $7.22 and $7.76, marking potential gains of up to 27% from current price levels.
The Moving Average Convergence Divergence (MACD) indicator is showing early signs of bullish momentum, with the MACD line attempting to cross above the signal line—often a signal of increasing buying pressure.
Immutable (IMX) Outlook
Immutable (IMX) is following a similar trajectory, trading at $1.12 as it approaches the upper boundary of its falling wedge formation. The token recently found support near $1.04, which aligns with the lower trendline of the pattern.
Technical Indicators:
A confirmed breakout could see IMX testing resistance at $1.27 and, subsequently, $1.43. These levels represent potential gains of up to 28% from its current price.
The MACD indicator is beginning to turn positive, indicating a potential shift in momentum. A confirmed crossover could further reinforce the bullish case.
Are Breakouts on the Horizon?
With both ATOM and IMX approaching key resistance levels, traders should closely monitor these zones for potential breakouts. Bitcoin’s continued strength could serve as a catalyst, providing additional momentum for altcoins and possibly triggering extended rallies.
However, failure to break through these resistance levels may lead to short-term retracements before another attempt at higher price targets. As market conditions evolve, technical confirmation will be essential for traders assessing potential entry and exit points.
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