Published: February 01, 2025 at 7:44 am
Updated on February 01, 2025 at 7:44 am
With the crypto space in constant flux, altcoins like GALA and AXS are gearing up for potential breakouts that could alter their trajectory. As Bitcoin’s grip weakens, traders have their eyes peeled on these tokens inching closer to significant resistance levels. Let’s dive into the factors pushing their price movements, the key technical indicators to monitor, and some strategic insights for maneuvering through the altcoin arena. Hold onto your hats; we might be on the brink of the next big move in crypto trading.
Cryptocurrency markets are notoriously unpredictable, swayed by countless factors including Bitcoin’s dominance and macroeconomic shifts. Typically, altcoins see a massive surge during “altseasons”, which tend to occur after Bitcoin’s price climbs. But these periods are also fraught with severe corrections, so traders need to remain sharp and adaptable.
As it stands, GALA and AXS are gaining traction as liquidity makes its way back to altcoins. GALA is trading at around $0.03218, while AXS is priced at approximately $5.46. Both tokens are nearing key resistance levels in their falling wedge patterns, suggesting breakout potential.
GALA is closing in on the upper resistance of its falling wedge, coinciding with the 25-day Simple Moving Average (SMA). The token previously found solid support around $0.0278, aligning with the 200-day SMA, creating a notable demand zone. A successful breakout and retest could lead to a target of the 100-day SMA as the next resistance level, with potential to hit $0.042 and $0.044, translating to a 37% gain from its current price.
MACD Insights: The MACD line is crossing above the signal line, indicating strengthening bullish momentum. This is a crucial signal for traders eyeing potential upward shifts.
Meanwhile, Axie Infinity (AXS) is mirroring this trend, currently trading at $5.46 and nearing the upper resistance of its falling wedge. AXS found significant support around $4.99, marking the lower boundary of the wedge. A successful breakout and retest could point towards the 25-day SMA as the next resistance level, with a potential target of $6.78, representing a 26% gain from its current position.
MACD Insights: AXS’s MACD is on the cusp of a bullish crossover, suggesting increasing upward momentum. This indicator is vital for traders scouting for entry points in the crypto trading market.
Investing in altcoins like GALA and AXS during uncertain market conditions calls for a strategic mindset. Here are some effective strategies:
With Ethereum (ETH) retesting its breakout level, the potential for a major rally in altcoins like GALA and AXS seems imminent. Both tokens are on the verge of critical breakout points, necessitating vigilant monitoring and confirmation signals before any trading moves. The unpredictable characteristics of the crypto trading markets demand a cautious yet proactive approach to seize potential opportunities.
In summary, while GALA and AXS exhibit promising signs of upward movement, their success hinges on broader market conditions and Bitcoin’s performance. By leveraging effective trading strategies and staying updated, traders can navigate the tumultuous waters of altcoins and position themselves for potential gains.
Access the full functionality of CryptoRobotics by downloading the trading app. This app allows you to manage and adjust your best directly from your smartphone or tablet.
News
See moreBlog
See more