Altcoins
Massive Surge in These Altcoins Aims for 2x Increase
The crypto market recently saw a key development for the approval of the Spot Ethereum ETF, which sparked bullish sentiment among altcoins. However, Bitcoin’s sudden correction trend to $67,000 disrupted the recovery momentum initiated by Ethereum earlier this week.
That said, some analysts see this pullback as an opportunity for buyers to regain bullish strength after a strong rally in May. If buying pressure resumes from here, the market could enter the post-Bitcoin halving rally.
Altcoins like ONDO and Pendle represent a suitable opportunity to take advantage of a high momentum market.
ONDO Altcoin Rally jumps 25%
Over the past two months, ONDO price has been trading sideways, resonating in the formation of a descending triangle pattern. The trend is originally considered a continuation downtrend, as a downtrend provides constant resistance to upward attempts.
However, with the renewed recovery sentiment in the market, the altcoin price is giving this bullish breakout of the overhead trendline. Thus, it accelerates the purchasing dynamics in the market.
The rally following the breakout sent the price of the altcoin from $0.853 to $1.06, registering a 25% jump. The upward trend remains true; coin buyers are expected to drive an extended rally to $1.3, followed by $1.48.
Pendle price action reveals major reversal rally
Pendle coin entered the current rally in mid-May as the price rebounded from the $3.824 support. The bullish reversal propelled the altcoin’s value to $6.2, a 62% rise in two weeks. Furthermore, an analysis of the daily chart shows this recovery as the formation of a rounded underlying trend.
Under the influence of this trend, Pendle price could rise by another 18% to challenge the neckline resistance of $7.32. A potential breakout will provide buyers with suitable support to pursue a potential target of $8.7, followed by $11.585.