The cryptocurrency market is experiencing a surge following Donald Trump's U.S. election victory. Bitcoin has reached a new all-time high of $103,000, impacting the altcoin market where tokens like FORTH and DATA have shown price increases by breaking out from long-term downtrends.
Ampleforth Governance Token (FORTH)
FORTH had been trading within a descending triangle for over three years. Last week, the token made a decisive move by breaking through the descending resistance trendline at $5.00. This breakout confirms a significant shift in market sentiment, with prices rallying 17% to their current level of $5.73. The next resistance zone lies around $9.18, representing a potential 57% upside from the current price.
Streamr (DATA)
DATA has also ended a long period of consolidation within its descending triangle pattern. Breaking out above the key resistance level at $0.0545 last week led to a steady 7% gain, with the token trading at $0.05784. The next significant resistance is at $0.1071, which could yield a 71% upside from the current price.
What's Ahead?
Both FORTH and DATA are showcasing strong bullish momentum after breaking out from prolonged downtrends. These moves align with broader market dynamics where Bitcoin dominance is declining, allowing altcoin tokens to shine. However, traders should remain cautious, monitoring key resistance levels and market trends to validate the sustainability of these rallies.
While the future looks promising, cryptocurrency investors should carefully assess market conditions to make informed decisions.
