Altcoin
A massive surge in these altcoins aims for a 2x increase
The cryptocurrency market recently witnessed a key development in the approval of the Spot Ethereum ETF, which triggered bullish sentiment among altcoins. However, the sudden correction trend from Bitcoin to $67,000 halted the recovery momentum started by Ethereum earlier this week.
That said, some analysts perceive this pullback as an opportunity for buyers to regain bullish strength after May’s strong rally. If buying pressure resumes from here, the market could enter Bitcoin’s post-halving rally.
Altcoins like ONDO and Pendle represent an excellent opportunity to take advantage of a high-momentum market.
ONDO Altcoin Rally Up 25%
Over the past two months, ONDO price has been moving sideways, resonating in the formation of a descending triangle pattern. The pattern is originally seen as a bearish continuation pattern, as a descending pattern offers constant resistance to bullish attempts.
However, with the renewed recovery sentiment in the market, the price of the altcoin gives this bullish breakout from the overall trend line. Therefore, the buying momentum in the market is accelerating.
The post-breakout rally increased the altcoin’s price from $0.853 to $1.06, marking a 25% jump. The bullish pattern is true; Coin buyers need to lead an extended recovery to $1.3, followed by $1.48.
Pendle price action reveals a major reversal rally
Pendle coin entered the current recovery rally in mid-May when the price rebounded from the $3.824 support. The bullish trend reversal pushed the altcoin’s value to $6.2, or 62% in two weeks. Furthermore, an analysis of the daily chart shows this rally as the formation of a rounded bottom pattern.
Under the influence of this pattern, Pendle price could rise another 18% to challenge the resistance of the $7.32 neckline. A potential breakout will provide buyers with adequate support to chase the potential target of $8.7, followed by $11.585.