The cryptocurrency market appears to be entering a bullish phase, highlighted by Bitcoin’s impressive rise to $115,000. This upward trend is expected to extend to altcoins as the weekend approaches, creating an optimistic atmosphere among traders.
In light of these developments, market analysis from BeInCrypto has spotlighted three altcoins poised for potential gains due to both external factors and the overall market enthusiasm.
Firstly, Nobody Sausage (NOBODY) has shown consistent gains since the beginning of August, currently trading at $0.087. However, it remains below the significant resistance level of $1.00, a barrier that has proven challenging to surpass. Observers believe that sustaining momentum above this threshold could foster broader bullish sentiment. Anticipation is building around the weekend revelation of NOBODY’s collaboration with boxing champion Terrence Crawford, which typically acts as a catalyst for price movements in cryptocurrencies. Should investor optimism increase, NOBODY could aim for a rally toward the $0.10 resistance, testing its long-term breakout potential.
On the downside, profit-taking may press the price toward the critical support level of $0.070. A drop below this threshold could diminish upbeat momentum, pushing the price down to $0.056 and subsequently raising concerns about the overall market outlook.
Next, Toncoin (TON) has been grappling with resistance around the $3.18 mark, which has capped its gains in recent sessions. Currently trading at $3.19, establishing $3.18 as a support level could strengthen buying pressure and foster renewed optimism for growth. Recent announcements of a partnership with a major platform have stoked expectations for a breakout, which often serves as a catalyst for price increases in altcoins. If TON successfully maintains $3.18 as support, it could rise to approximately $3.34, its highest level in two weeks, thus enhancing bullish momentum.
However, there are downside risks. Should investors choose to sell at current levels, TON may slip below $3.18, signaling weaker upward conviction. Continued selling pressure might reduce the price to around $3.00, which would challenge bullish traders and potentially weaken the overall market sentiment.
Lastly, MYX Finance (MYX) recently made headlines with a staggering 1,290% surge, achieving a new all-time high of $19.98. Despite this impressive rally, the altcoin has experienced a sharp correction, dropping by 26% in just 24 hours, reflecting heightened speculative activity. Currently trading at $15.76, MYX could see a rebound if it maintains support above $11.52. A successful recovery from this level may rekindle momentum, allowing the altcoin to retest its previous peak.
Conversely, if selling pressure continues as investors seek to secure profits, MYX could breach the $11.52 support level, indicating weaker momentum. A fall below this point might trigger a decline toward $3.45, potentially erasing recent gains and invalidating the previously bullish outlook.
As the weekend approaches, the dynamics of these altcoins will be closely monitored, with traders hopeful for sustained growth in the wake of Bitcoin’s bullish momentum.
