Altcoins
Top Altcoin Picks for Breakout Rally Gains Next Week
With the increasing odds of Bitcoin hitting the $60,000 mark this week, the odds of a rally this month are getting stronger. Additionally, the resumption of the altcoin rally that is gaining momentum signals a potential upside.
As the market is expected to rally, here are the top underrated altcoins poised for a massive surge. So, let’s take a closer look at the technical analysis of these altcoins to find the best entry opportunity this week.
Top Altcoin Picks: SAFE (SAFE)
With a consolidation range, the SAFE token price trend is taking a sideways move from a downtrend within a descending channel. With a market cap of $626 million and trading at $1.47, the altcoin is teasing a trend reversal.
With price rejection candles lower at the $1.30 baseline, the altcoin’s bullish reversal represents a 9% jump. By testing the overhead resistance, the uptrend chances increase.
With the range breakout, SAFE price could reach the overhead resistance trendline near $1.80. On the optimistic side, the channel breakout may propel the altcoin to $2.50.
Door Token (GT)
With a market cap of $645 million, GT token is among the top 100 cryptocurrencies. Trading at $6.93 with an intraday move of 0.36, the altcoin is down 4.15% in the last 7 days. However, a lower price rejection in the weekly candle and a 3.91% jump hints at an uptrend.
According to the trend-based Fibonacci level, mapped on the bullish period of 2021, GT price is attempting to take support at the 50% level. Moreover, the altcoin’s weekly trend reveals a potential double bottom at $6.50.
With a neckline at $8.50, the GT price reversal uptrend could reach the neckline. Moreover, a rally in the altcoin could lead to a price rally towards the $15.62 mark or the 1.618 Fibonacci level.
Scales (SKL)
With a market cap of $238 million, the SKL price trend is in an ongoing correction phase. This leads to a descending channel in the daily chart, where the altcoin is down 65% and below the psychological mark of $0.050.
According to the Fibonacci level, SKL price is testing the 78.60% Fibonacci level at $0.042. With a slight bullish recovery in recent days, the altcoin is up 12% in five days.
As the bull run continues, the SKL token could reach the 50% Fibonacci level at $0.084.