These Cryptos Show Signs of Imminent Bullish Breakouts

Altcoin Alert: Watch out for these cryptos poised for a bullish breakout in near future

Altcoins are cryptocurrencies that are alternatives to Bitcoin, the first and most dominant digital asset. Altcoins often have different features, use cases, and technologies than Bitcoin, and some of them may offer more potential for growth and innovation.

However, not all altcoins are created equal, and some of them may perform better than others in the crypto market. In this article, we will look at three altcoins that are showing signs of imminent bullish breakouts, based on technical analysis and fundamental factors.

Fantom (FTM)

Fantom is a high-performance, scalable, and secure smart contract platform that aims to provide a fast, decentralized, and interoperable network for various applications, such as DeFi, gaming, and NFTs. Fantom claims to offer near-instant transactions, low fees, and high throughput, thanks to its unique consensus mechanism called Lachesis.

Fantom has been one of the best-performing altcoins in 2023, surging by over 10,000% from its low of US$0.003 in January to its all-time high of US$3.45 in November. Fantom’s price rally has been driven by several factors, such as its growing ecosystem, partnerships, integrations, and innovations.

From a technical perspective, Fantom is showing signs of a bullish breakout, as it is trading in a crucial demand zone between US$0.4456 and US$0.4874, where 3,666 addresses accumulated 674.42 million FTM tokens. Once the token breaks out of this zone, the FTM price is likely to rally higher, with no major resistance in its path. The next target for Fantom is US$0.7990, the upper boundary of the resistance zone where 7,710 wallet addresses acquired 61.6 million FTM tokens.

Polygon (MATIC)

Polygon is a layer-2 scaling solution that aims to provide faster, cheaper, and more secure transactions for Ethereum and its applications. Polygon uses a network of sidechains, also known as child chains, that are connected to the Ethereum main chain via a secure bridge. Polygon also supports interoperability with other blockchains, such as Bitcoin, Binance Smart Chain, and Cosmos.

Polygon has been one of the most popular and widely adopted layer-2 solutions in the crypto space, attracting hundreds of projects, developers, and users to its platform.

From a technical perspective, Polygon is poised for a bullish breakout, as it is recovering from its recent decline from the local peak of US$0.9831 it reached on November 14. The MATIC price rally to its US$0.91 target is likely, as there is no major resistance once Polygon’s native token tackles the US$0.86 level. This level corresponds to the 38.2% Fibonacci retracement level of the decline from its February 18 peak of US$1.5675 to its June 10 low of US$0.51212.

Dent (DENT)

Dent is a mobile data and digital identity platform that leverages blockchain technology to create a global marketplace for mobile data and services. Dent allows users to buy, sell, and donate mobile data packages, as well as access various applications, such as eSIM, Dent Voice, Dent Teams, and Dent Exchange.

Dent has been one of the most undervalued and overlooked altcoins in the crypto market, despite having a large and active user base, a solid business model, and a strong vision. Dent has over 26 million users in 85 countries, who have traded over 600 million DENT tokens on the platform. Dent also has partnerships with over 400 mobile operators, such as AT&T, Verizon, Vodafone, and Telefonica.

From a fundamental perspective, Dent is showing signs of a bullish breakout, as its supply on exchanges has hit its lowest point in the past 12 months. The metric is down to 51.21% of the token’s total supply, while the price continues to rise. This indicates that the holders of DENT tokens are moving them off exchanges and reducing the selling pressure on the market. Dent’s network growth, a key on-chain metric that helps determine whether an asset’s gains are sustainable, is also increasing alongside the price, supporting the rally.

Conclusion

Altcoins are an exciting and diverse segment of the crypto market, offering various opportunities and challenges for investors and innovators. While Bitcoin remains the king of crypto, some altcoins may outperform it in terms of returns and innovations, especially if they have strong fundamentals, active communities, and bullish technical.