The cryptocurrency market is showing signs of recovery. Bitcoin is climbing, and altcoins like EOS and Raydium are displaying potential for a breakout.
EOS Breaks Out of Falling Wedge
EOS has successfully broken out of a falling wedge, a formation typically seen as bullish. The token surpassed the upper trendline of the wedge around the $0.50 range, signaling a shift in sentiment. Currently, EOS is trading around $0.62, testing key resistance levels at $0.67 and the 50-day moving average (50-MA). If EOS maintains its bullish momentum, the next critical resistance is the $0.82 price zone, representing a 31% increase from the current price. However, if the price faces rejection, a retest of the breakout level could provide a buying opportunity.
Raydium Prepares for Potential Breakout
Raydium has been mirroring EOS’s price movement, also trading inside a falling wedge pattern since its $8.67 high on Jan 23. The token recently rebounded from the lower trendline support at $1.45 and is currently trading at $1.88. Raydium is now approaching the upper resistance of the wedge and the 50-day moving average, a crucial level for determining its next move. If Raydium confirms a breakout with a successful retest of its resistance, the next major target sits near $3.05. A decisive move beyond this zone could fuel a rally towards the 200-day MA and the $4.90 price zone, marking a potential 162% increase.
Conclusion
EOS’s breakout has set the stage for a bullish continuation, while Raydium is now at a critical decision point. If Raydium follows a similar trajectory, traders could witness significant gains in the coming days.
Market participants are advised to closely monitor price action, volume confirmation, and key resistance levels before making investment decisions.
