Altcoins Breaking Out of Multi-Week Channels, is Another Rally Imminent?

Since this time last weekend, cryptocurrency markets have grown by 8% with some $20 billion returning to the space. Total market capitalization has climbed to its highest level since late February, touching $270 billion. The majority of these gains have been driven by Bitcoin halving momentum, as its market dominance has hit a multi-month high of 69%. Some altcoins are showing positive signs of a revival with breakouts of their sideways channels.

A Hopeful Altcoin Revival

Cryptocurrency trader ‘Benjamin Blunts’ [@SmartContracter] has observed that many of the altcoins are finally breaking out after being range-bound for so long.

“i dont mean to induce FOMO buuuuuuuut ALOT of alts are breaking out of multi week channels. the last time i saw this happen was on BNB in 2018 before it did a mind boggling run.”

The three charts provided show clear breakouts for NEO, 0x, and BAT, though there are several others following the pattern. NEO, which has often been dubbed the ‘Chinese Ethereum,’ has been painfully low in recent weeks trading around the $7-8 range, down 96% from its all-time high. The breakout has occurred over the past day or so, with prices surging 26% to top out at $11.70, its highest for two months.

The Brave browser-based BAT token has also moved in a similar manner, with a breakout surge of 35% from $0.185 to just below $0.25.  Basic Attention Token has not fared too badly since its ATH, being ‘only’ 70% down from its peak in early 2018.

Decentralized exchange protocol token 0x has also been on a tear recently, with a monumental two-day rally doubling its price. ZRX has surged to its highest price in over a year, topping $0.44 as it too breaks to the upside.

Are Others Following?

These are not the only altcoins that have broken out of their channels. IOTA is also in rally mode at the moment with 16% added on the day taking the Internet of Things-based cryptocurrency above $0.21. Prediction markets coin Augur has mirrored the move as it pumped 30% from $11 to over $14 in the past couple of days. The higher cap altcoins such as Ethereum, XRP, Litecoin, EOS, BNB, and Tezos have remained mostly lethargic with their gains, exhibiting no such spikes in activity just yet. It is too early to call ‘altseason,’ though this is generally the time of year for it. All eyes will be on Bitcoin, and where it will go after its upcoming halving, as this is also likely to determine the direction of other altcoins. Be sure to check out BeInCrypto’s in-depth video guide on everything you need to know about Bitcoin’s upcoming halving: