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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Jul 11, 2024 11:24 UTC
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Top Altcoins Picks For Breakout Rally Gains Next Week
With the increasing chances of Bitcoin hitting the $60,000 mark this week, the bull run chances for this month are growing stronger. Further, the recovering rally in the altcoins gaining momentum signals a potential bull run.
With high anticipations of a bull run in the market, here are the top underspoken altcoins ready for a massive jump. So, let’s look closer at the technical analysis of such altcoins to find the best entry opportunity this week.
Top Altcoins Picks: SAFE (SAFE)
With a consolidation range, the SAFE token price trend takes a lateral shift from a declining trend within a falling channel. With a market cap of $626M and trading at $1.47, the altcoin is teasing a trend reversal.
With lower price rejection candles at the baseline of $1.30, the bullish reversal in the altcoin accounts for a 9% jump. Testing the overhead resistance, the uptrend in chances is increasing.
With the range breakout, the SAFE price could reach the overhead resistance trendline close to $1.80. Optimistically, the channel breakout can pump the altcoin to $2.50.
Gate Token (GT)
With a $645 Million market cap, the GT token stands amongst the top 100 cryptocurrency. Trading at $6.93 with an intraday move of 0.36, the altcoin is down by 4.15% in the last 7 days. However, lower price rejection in the weekly candle and 3.91% jump tease an uptrend.
As per the trend-based Fibonacci level, mapped over the 2021 bull run, the GT price attempts to take support at the 50% level. Further, the weekly trend of the altcoin reveals a potential double bottom at the $6.50 mark.
With a neckline at $8.50, the bull run in the GT price reversal could reach the neckline. Further, a breakout rally in the altcoin could result in a price jump to the $15.62 mark or the 1.618 Fib level.
Skale (SKL)
With a market cap of $238M, the SKL price trend experiences a correction phase in motion. This leads to a falling channel in the daily chart, where the altcoin is down by 65% and under the $0.050 psychological mark.
As per the Fibonacci level, the SKL price tests the 78.60% Fibonacci level at the $0.042 mark. With a minor bullish recovery in recent days, the altcoin is up 12% in five days.
Considering the bull run continues, the SKL token could pump to the 50% Fib level at $0.084.
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