Bitcoin’s bulls have been able to hold the benchmark cryptocurrency above the $8,000 level for the past 24-hour, signaling that they have some significant strength at the moment. This strength has spilled over into the altcoin markets, leading many cryptos to incur notable near-term gains.
This momentum is elucidated while looking at the recent price action of some major cryptocurrencies, including Bitcoin Cash, Ethereum, and Litecoin, which have all been able to post sizeable gain over the past few days.
One analyst is now noting that many of these cryptos are on the cusp of breaking above a key resistance level, which — if successfully broken above — could lead them to incur massive momentum.
Altcoins on the verge of major bullishness as crypto markets begin shaping up
Yesterday, multiple major altcoins incurred bull market-like rallies that led many of them to post double-digitBitcoin gains, with Bitcoin Cash surging over 10 percent, while its fellow BTC hard fork, Bitcoin SV, posted a whopping 27 percent climb.
This momentum has carried over into today, as most major altcoins have been able to climb a handful of percentage points, with Litecoin leading the way with a 6.5 percent surge.
If these altcoins break key resistance levels, massive rallies could ensue
Scott Melker — a prominent analyst who tends to
While speaking about Bitcoin Cash, he explained that the crypto is currently in the process of breaking above the upper boundary of a long-held descending channel, but it needs to continue holding this level in order for it to start a massive rally.
“[Bitcoin Cash’s] price was consolidating against the top of the descending channel…. Locally, price broke out of an ascending channel and was retesting resistance as support in the grey box… As you can see price is now breaking out of the downtrend,” he said while pointing to the below chart.
He shared a similar sentiment while discussing Ethereum, explaining that the crypto is at the upper boundary of a strong resistance level and that another upwards Bitcoin movement should allow it to “blast through resistance.”
The coming hours and days will likely offer insight into whether the highly anticipated “altseason” is right around the corner, or if this will ultimately prove to be just a series of fleeting rallies.
The post Analyst: these major altcoins could rocket higher as crypto markets build strength appeared first on CryptoSlate.