The crypto market is recovering from the recent drawdown, and some altcoins are showing signs of a rally.
BeInCrypto has picked out three crypto assets that could be seeing a breakout and rally this week.
Fantom (FTM)
First on the list is Fantom, which has been building up bullish momentum since mid-May. Trading at $0.38 at the time of writing, the altcoin is nearing the breakout point of the descending wedge pattern.
This bullish pattern suggests a potential 77% rise for FTM after the altcoin’s break out. This places the target for FTM at $0.68. While Fantom’s price may not reach this point, it could rise to $0.50.
Read More: Fantom (FTM) Price Prediction 2024/2025/2030
However, if Fantom fails to breach the resistance at $0.41, it could fall back down to test $0.29 as support. This would result in consolidation for FTM and invalidate the bullish thesis.
AAVE
While AAVE price is not on the verge of a breakout, it is on the path of noting it in the coming days. Currently changing hands at $110, AAVE is looking at a potential breakout from the broadening ascending wedge if it manages to repeat the 20% rally from the previous week.
The chances of the same are high since the bullish momentum has built up considerably. Once $116 is breached, AAVE could be looking at a slingshot to $129, which stands to be the breakout point. A rally from here would push AAVE up by 29%, hitting $167.
Read More: Aave (AAVE) Price Prediction 2024/2025/2030
But if the altcoin fails to generate enough bullish momentum, it could fail to breach $116. Since this has happened in the past, it could be repeated, invalidating the bullish thesis and sending AAVE to $100.
Monero (XMR)
Monero’s price is following a similar descending wedge pattern as Fantom’s, and it is on the verge of a breakout. The bullish pattern suggests that XMR could notice an almost 17% rise if it breaks out successfully.
This places the target of the rally at $181, which is the current year-to-date high for XMR. While Monero may not be able to make it $181, it could potentially rise to $165. Since this level has been tested as resistance in the past, the altcoin would need stronger bullish cues to rally beyond this point.
Read More: Monero (XMR) Price Prediction 2023/2025/2030
On the other hand, failure to close above $158 could invalidate the bullish thesis altogether. The altcoin could end up stuck under this barrier, consolidating above $150.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
