With Bitcoin (BTC) hovering just underneath its own breakout point, some of the altcoins have already made their moves. $BNB, $SUI, and $DOGE breakouts are analysed.
$BNB price breaks out and takes on major resistance
Source: TradingView
The $BNB price continues to quietly go about its task of being one of the most successful cryptocurrencies, in terms of price, along with Bitcoin. The latest price action shows that the bulls have broken through the descending trendline, and are now battling with the strong resistance at $6.39. Should this be overcome, the next target is a higher high at $7.31, which also coincides with the last decent resistance level before the all-time high.
$BNB breaks out against $BTC
Source: TradingView
Against its Bitcoin pair (BNB/BTC), it can be seen that a breakout has also occurred from a descending trendline that goes all the way back to November 2022.
Will $BNB continue to make ground against $BTC? Possibly, but in the longer term there is probably far more value in Bitcoin than there is in the cryptocurrency of one of the leading exchanges. That said, it will be interesting to see how far the $BNB price can gain on its $BTC pair should the crypto sector really take off into this potential final stage of the bull market.
$SUI surge to $3 could be next
Source: TradingView
The $SUI bulls are staging their own breakout. The price is currently holding above the descending trendline. There is just the small matter of holding the line for the rest of this week. It can also be seen that the major ascending trendline is acting as resistance. Once this can also be overcome, a surge to $3 could occur in a relatively short period of time.
$DOGE bounces from solid 0.786 Fibonacci support
Source: TradingView
$DOGE is the undisputed champion of the memecoins, and as such, it is among the first to break out of its downtrend. The 0.786 Fibonacci has acted as a very solid support, and it might be expected that the price rises from here.
Fortune favours the brave
While these first breakouts take place, the crypto market is still in the grip of fear. Many will be thinking that this is no more than a relief rally, and that $109,000 was the top. This could certainly still be the case. However, there are lots of signs that suggest that this bull market is not over. Will you be fading it, or will fortune favour the brave?
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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