As bitcoin rampages towards an ever-nearer all-time-high, some of the major altcoins are breaking out, ready to take advantage of the liquidity that will eventually flow out of the king of the cryptocurrencies as soon as it calms down.
For most of the crypto market, when bitcoin is raging skyward like it is, there is not so much room for altcoins to really become unleashed. Patience is needed, ready for that time when $BTC calms down, and leaves the door open for the altcoins to have their own run.
Bitcoin Dominance ready to break
Source: Coingecko/Trading View
The main chart to watch in order to see the first signs of any change in altcoins vs bitcoin is the Bitcoin Dominance chart. Zooming in here, it can be seen that $BTC is either going to break out, or it’s going to return once more to the bottom of the triangle. There isn't much room either way, and a definitive breakout is due very soon.
$RNDR among the first to break out
Render ($RNDR) is one altcoin breaking out right now. Leaving its bull pennant, the price looks to be heading for new highs. If the price confirms above the breakout, the measured move could take $RNDR to $9.30, which would surpass the all-time-high of $8.80.
$INJ heading to potential 50% gain
Source: Coingecko/Trading View
Injective Protocol (INJ) is another red-hot altcoin that has been front-running $BTC throughout this bull market. The price has been consolidating in a triangle since December of last year, and it appears that $INJ is ready to be let loose.
It appears that the price has broken out, and that it is currently confirming the break. If this is successful, $INJ could be heading for the next target of $60 - a 50% move from here.
$RUNE cup and handle
Source: Coingecko/Trading View
$RUNE is yet another altcoin poised to break out, with some excellent potential gains ahead of it. Currently up against resistance, and also nudging against a trend line that stretches all the way back to March 2022, things are looking extremely positive.
It can also be taken that $RUNE is inside a cup and handle chart pattern. The measured move for this is just shy of $13, which, coincidently, is where the trend line started back in 2022.
Great advice
These are just three of the altcoins that are on the edge of a breakout to much higher levels. Imagine the rest of the altcoin space, and the kind of gains that are potentially there to be made. Although things are getting very heated in the crypto space, it is not easy to see things slowing down any time soon. That said, traders should always employ proper risk management, and set stop losses at all times. As macro analyst and investor Raoul Pal often says: “Do not f*ck this up”.
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.
