The crypto market is recovering from the recent downturn, and some altcoin projects are showing signs of growth. In this article, we will examine the charts of three altcoin projects with high potential for growth this week.
FTM Chart Analysis
First on the list is Fantom, which has been building upward momentum since mid-May. At the time of writing, the altcoin is trading at $0.38 and is approaching the breakout point of a descending wedge pattern. This bullish pattern indicates a potential 77% increase for FTM after the breakout, setting the target at $0.68. Even if Fantom’s price does not reach this point, it could rise to $0.50. However, if Fantom fails to break the resistance at $0.41, it may fall back to test support at $0.29. This could lead to consolidation for FTM and invalidate the bullish thesis.
AAVE Chart Analysis
AAVE is not on the verge of a breakout yet, but it is on the path to noticing one in the coming days. Currently trading at $110, AAVE is looking at a potential breakout from an expanding rising wedge if it can repeat last week’s 20% rise. The likelihood of this happening is high as the upward momentum has significantly increased. Once $116 is surpassed, AAVE could rise to $129, which could be the breakout point. A breakout from here could take AAVE up by 29% to $167. However, if the altcoin fails to generate sufficient upward momentum, it may not surpass $116. This has happened before and could repeat, invalidating the bullish thesis and sending AAVE back to $100.
Monero Chart Analysis
Monero is following a descending wedge pattern similar to the Fantom chart and is on the verge of a breakout. The bullish pattern indicates that XMR could see an increase of nearly 17% if the breakout is successful. This sets the rally target for XMR at $181, the highest level since the beginning of the year. While Monero may not reach $181, it could potentially rise to $165. Since this level has been tested as resistance in the past, the altcoin may need stronger bullish signals to move beyond this point. On the other hand, failing to close above $158 could completely invalidate the bullish thesis. The altcoin could get stuck below this resistance and consolidate above $150.
Thus, the charts of FTM, AAVE, and Monero indicate possible growth, but critical resistance and support levels will play a significant role in their future movement. Investors should closely watch these levels to make informed decisions.
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