Identifying 3 Tokens Poised for Bullish Breakouts
Introduction:
As the crypto market gears up for a potential return to bullish momentum, investors are eyeing tokens that have been trading sideways for potential breakout opportunities.
In this article, we’ll explore three cryptocurrencies that show signs of bullish potential and could be set to break out of their price ranges in the near term.
Injective (INJ) Targets March Highs:
Injective (INJ) has been consolidating within a tight price range between $23 and $29 over the past week. With the price nearing the resistance level at $28.9, indicators suggest bullish momentum building up.
The Relative Strength Index (RSI) has surged above the neutral 50 mark, indicating increasing buying pressure, while the Moving Average Convergence Divergence (MACD) maintains its bullish crossover. A decisive close above the $28.9 resistance level could signal a long entry position with profit targets at $34 and $38.
Polygon (MATIC) Could Rebound to $0.9:
MATIC recently rebounded from the lower limit of $0.6, showing strength with three consecutive bullish candles. The altcoin is now approaching the upper limit of the short-term price range at $0.753.
While the RSI has yet to cross the neutral 50 mark, the MACD indicator flashes bullish signals. Traders should monitor price action at the $0.753 zone, as a rejection could lead to continued range-bound movement. However, sustained buying pressure could strengthen the bullish bias, with targets at $0.85 and $1.
Mina (MINA) Buyers Set to Flip Key Resistance:
MINA has shown signs of bullish strength, with the RSI crossing into the bullish zone and the MACD maintaining its uptrend. Buyers are eyeing the key resistance level at $0.8531, with indications pointing to a potential breakout.
Traders may consider long positions upon a decisive break above $0.8531, with a price target of $1.1.
Disclaimer:
It’s important to note that the opinions expressed in this article are solely the writer’s and do not constitute trading, investment, or financial advice. Readers should conduct their own research and due diligence before making any investment decisions.