THORChain

Stacks

Date: Tue, Oct 29, 2024, 05:38 AM GMTThe cryptocurrency market is finally showing the long-anticipated &#34;UPTOBER&#34; rally as Bitcoin (BTC) surges to the $71,000 level, marking its highest point since June. This bullish momentum has carried over to major altcoins, with several poised for breakout potential. Among the top contenders are Stacks (STX), Aave (AAVE), and Thorchain (RUNE), all of which have posted impressive gains in the last 24 hours and are showing promising technical signals.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/d60736a2a47942c8b452affab1db0b86.png" />Source: CoinmarketcapHere&#39;s a closer look at the technical setups for each of these altcoins:<h2 id="header-0">1. Stacks (STX)</h2>Technical Overview:Stacks (STX) has been consolidating within a descending channel since mid-2024, indicating a prolonged corrective phase. However, the recent surge suggests a potential breakout. STX is now approaching the key resistance level of $2.00 (marked as S in the chart) after breaking through the channel. A decisive breakout above this level could push STX toward its next significant resistance at $2.50 (marked as R).<img src="https://academy-public.coinmarketcap.com/optimized-uploads/a17b137241f94ac992f1796f3c16c37f.png" /><ul><li>Support (S): $1.85 – This zone has acted as a robust floor, preventing further declines.</li><li>Resistance (R): $2.50 – A potential target if the current momentum continues.</li><li>Relative Strength Index (RSI): The RSI indicator is currently showing positive momentum, suggesting an increased likelihood of a breakout as buying pressure builds.</li></ul>If STX maintains its bullish momentum, traders could see gains toward the $2.50 mark in the short term.<h2 id="header-1">2. Aave (AAVE)</h2>Technical Overview:Aave&#39;s price action has been characterized by a symmetrical triangle pattern, often a sign of price consolidation before a significant breakout. Currently, AAVE is testing the upper boundary of this pattern near the $153.50 support (marked as S), showing strong resilience against bearish sentiment.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/690e598065b040d98249c401f0e5a70e.png" /><ul><li>Support (S): $153.50 – A crucial support area that needs to hold to maintain bullish momentum.</li><li>Resistance (R): $168 – If AAVE can break through this level, it could open up further gains, potentially reaching $180 in the near term.</li><li>RSI: The RSI is above 67, indicating a bullish divergence that aligns with the current momentum, hinting at potential further upside.</li></ul>A breakout above the $165 resistance could validate a trend reversal, allowing AAVE to aim for higher levels and regain its bullish stance.<h2 id="header-2">3. Thorchain (RUNE)</h2>Technical Overview:Thorchain (RUNE) has recently <a href="https://coinsprobe.com/top-altcoins-sol-jasmy-and-rune-form-cup-and-handle-pattern-is-a-rally-on-the-horizon/" rel="noopener noreferrer nofollow">experienced </a>a strong surge after taking major support at $4.80 (marked as S), pushing above its resistance at $6.00 (marked as R). If RUNE manages to give a clear breakout from this resistance level, the coin may be gearing up for a more sustained rally, targeting higher resistance levels around $7.30 and possibly reaching as high as $10.00.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/db6d16e2643f4898bae4ed94e7fa555d.png" /><ul><li>Support (S): $4.80 – The breakout level now acting as support. As long as RUNE holds above this, it could continue its rally.</li><li>Targets: $7.30 and $10.0– Key targets if bullish momentum continues.</li><li>RSI: The RSI is at 72, indicating overbought conditions. However, in a strong uptrend, overbought RSI can be a sign of sustained buying interest rather than an immediate reversal.</li></ul>Thorchain appears to be in the early stages of a potential uptrend. If buying interest remains high, RUNE could see a strong continuation toward the $10.00 mark.In Summary:With Bitcoin leading the charge, these three altcoins—STX, AAVE, and RUNE—are showing strong technical signals, suggesting breakout potential in the coming days. While resistance levels remain, continued bullish momentum in the broader market could see these tokens achieving significant gains in the short term.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.Also Read: <a href="https://coinsprobe.com/bitcoin-cash-and-bitcoin-sv-trading-in-the-green-despite-bearish-altcoin-market-heres-why/" rel="noopener noreferrer nofollow">Bitcoin Cash and Bitcoin SV Trading in the Green Despite Bearish Altcoin Market: Here&#39;s Why.</a>

Top 3 Altcoins Poised for Breakouts with Potential Gains: STX, AAVE, and RUNE in Focus

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