Since last weekend the crypto market witnessed a shrunk volatility following the consolidation trend in Bitcoin. As the leading digital assets struggle to sustain above $70000, the altcoin market is experiencing renewed supply pressure, signaling the continuation of sideways trading.
Bucking the trend, the Oasis Network (ROSE) and Quant (ROSE) showed a notable uptick in the last 24 hours. A strong resilience from these assets during an uncertain market positioned them for a higher rally once investors’ sentiment turned bullish.
Will the BTC rally to a new high above $73650 accelerate the bullish momentum in altcoins, or are sellers preparing to drive a prolonged correction?
Amid the mid-May recovery in the crypto market, the Oasis Network coin developed a local bottom at a $0.8 psychological level. A positive turnaround from this support has uplifted the altcoin 42% to trade at $0.114 and regained its position above 50D and 200D EMAs.
An analysis of the daily chart revealed this rally as the formation of a bullish reversal pattern called cup and handle. This chart setup is commonly spotted at major market bottoms and indicates an entire shift in market sentiment from selling on rallies to buying on dips. With an 8.2% jump since yesterday, the ROSE price teased a breakout from the pattern’s neckline resistance at $0.12.
A potential breakout from this resistance will accelerate the bullish momentum and lead a 52% rally to challenge the $0.184 peak.
On a contrary note, if the supply pressure at $0.12 persists, the sellers drive an extended consolidation trend in Rose Coin.
Since late March 2024, the Quant coin has experienced an aggressive selling pressure which led its price to a 22-month low of $50.8. From the swing high of $150, the QNT price trades at $87.6 registering a loss of 41.6%, while the market cap tumbled to $1.056 Billion.
However, the falling price is now stabilizing above $83 as the lower trendline of the falling wedge pattern bolsters the asset with additional support. Under the influence of this pattern, the QNT has showcased a reversal habit from the support trendline.
A potential rebound could trigger another bull cycle within the pattern and chase a potential target of around $110.
However, a breakout from the overhead trendline is needed to get better confirmation of trend reversal.
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