beincrypto.com
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.