The cryptocurrency market is heating up as Bitcoin (BTC) experiences a significant surge, climbing from a low of $89,000 to over $104,000. This development, alongside rumors of President-elect Donald Trump’s plans to include altcoins in a national strategic reserve, has sparked interest in alternative tokens.
Ondo (ONDO) Dynamics
Currently trading at $1.27, ONDO is nearing a critical point within a falling wedge pattern, a structure often associated with bullish reversals. The token recently found robust support at the $1.06 level, which aligns with the wedge’s lower boundary. Should ONDO break out, it could target resistance levels at $1.63 and $2.14, presenting potential gains of up to 71% from its current price. Technical indicators like the MACD are also aligning with this scenario, showing increasing buying pressure and positive momentum.
Prospects for Axelar (AXL)
Axelar (AXL) is trading at $0.7340 and is approaching the upper boundary of its falling wedge pattern, which aligns with a horizontal resistance zone. Over the past few weeks, the token has been consolidating within this range, but today’s bullish performance suggests a breakout could be imminent. AXL recently rebounded from strong support at $0.54, climbing to its current levels. If it breaches its resistance, the next potential targets are $1.03 and $1.14, representing gains of up to 55% from its current price. Similar to ONDO, the MACD for AXL is showing signs of a bullish crossover, adding weight to the possibility of an upward move.
What’s Next for ONDO and AXL?
The broader crypto market recovery, driven by Bitcoin’s bounce and the buzz surrounding Trump’s rumored altcoin plans, has created a favorable environment for tokens like ONDO and AXL. Both are exhibiting clear technical patterns that suggest breakouts could be on the horizon. With resistance levels in sight and bullish momentum building, these altcoins might be poised for significant moves in the coming days.
The current dynamics in the crypto market, including significant technical patterns in ONDO and AXL, create expectations for further growth in these altcoins. However, investors should remain cautious and conduct their own research before making decisions.
