After the recent rise in the Bitcoin price, the altcoins have gained significant strength and hence they are about to demonstrate a massive rally
Recent Bitcoin price movements have had a positive impact on the altcoin market, which is now poised for a substantial rally. Several altcoins, including Celestia (TIA), Immutable (IMX), and Internet Computer (ICP), have reached the conclusion of their consolidation phases and are poised for a breakout.
As the trade enters the second half of the month, the crypto markets have become optimistic, largely dismissing bearish possibilities. In line with this optimism, the altcoin market cap, excluding BTC and ETH, has made a significant move above $600 billion, breaking through a key barrier. This development highlights the immense potential for altcoins to generate 100x rallies and trigger a bull run. Here's a closer look at some altcoins that are positioned at the cusp of a massive explosion.
Celestia (TIA) Price May explode 100% if it Secures These Levels
The TIA price broke out of the pattern and surged by over 30%, marking the monthly highs around $6.5. After a significant fight with the bulls, bears have managed to restrict the rally below $5.9, which may flash the possibility of a minor correction. However, the selling volume remains below the average, indicating the price to remain within the bullish range.
The correction is expected to drag the levels by 10% to 12%, bringing the value close to $5, probably by the end of the month. With the beginning of last quarter, the market dynamics are believed to change, initiating a fine ascending trend. The TIA price is required to achieve levels between $11.5 and $11.89, which may validate the start of a small bull run towards yearly highs and further continue to discover new highs.
Immutable (IMX) Price Trying to Break the Resistance
The IMX price broke out of the consolidation but constantly failed to surpass the resistance zones of $1.56 and $1.62, which has made these levels important to achieve. The platform also experienced a significant rise in volume, due to which the volatility of the token may remain above average levels. The bears are trying to drag the levels below the resistance zone and hence the question arises whether they may reclaim their dominance.
The IMX price has formed a triple bottom, which is largely considered a bullish trend that is formed after a downtrend. However, to do so, the price is required to clear the resistance zone and achieve the next one at $1.8. This may push the price above $2, which may further push the price to $2.5 and form new yearly highs above $4.
Internet Computer (ICP) Price Testing Critical Resistance
Even though the ICP price faced rejection from the resistance zone during the first fortnight of the month, the token is again testing these levels. Interestingly, these levels coincide with a descending trend line and hence a breakout may elevate the levels beyond a 2-digit figure. Now that the trend appears to have flipped in bullish favour, the probability of a rejection could be lower.
As seen in the above chart, the ICP price is trading within a decisive symmetrical triangle and is very close to the edge. The price is facing some hindrance in entering the resistance zone, which suggests a small pullback below $8 may be fast approaching. However, this pullback may attract the required momentum, which could elevate the levels beyond $10 to reach $11. After securing these levels, the Internet Computer price is believed to begin a fresh rise by another 30%.
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