This week, major altcoins are showing mixed signs of recovery after a significant correction over the past 60 days.
Introduction to Altcoin Market
Since the start of the year, the market has faced volatility, and altcoins like NEAR and GRT have experienced over 35% correction. They are currently testing key resistance levels, indicating a potential trend reversal.
Analysis of Near Protocol (NEAR)
NEAR's daily chart shows a falling wedge pattern formed after a sharp rejection from the high of $8.24 in early December. The correction pushed the price to $2.72, but it has since rebounded to $3.41, moving towards the wedge's upper resistance. A breakout at this level and a successful wedge retest could push the price to resistance levels of $4.51 and $6.22.
Analysis of The Graph (GRT)
GRT shows a similar pattern to NEAR, with a falling wedge forming after rejection from a high of $0.34838 in early December. The price dropped to $0.078, rebounding to $0.135. Breaking through the wedge's upper resistance and a successful retest could propel the price to levels of $0.19 and $0.24.
Both cryptocurrencies show resilience at their current resistance levels, hinting at a possible trend reversal, but their future movements depend on the broader market conditions.
