The explosive 100%+ rally in BarnBridge (BOND) has drawn increased attention to the potential for other overlooked altcoins to see massive upside moves. One such cryptocurrency primed for a BOND-like breakout is Beta Finance (BETA) according to expert technical analysis.
BETA has surged 20% in the last 24 hours, rewarding investors who have weathered its grueling downtrend. However, one analyst believes there is much more upside to come if BETA can overcome a key resistance zone.
Crucial Make or Break Area
Johnny Woo, a crypto trader known for his charting prowess, sees further bullish setups emerging on the BETA price charts. He points to two trendlines that have formed a diagonal resistance level around the $0.08 area.
This diagonal resistance intersects with BETA’s long-term downtrend line that has been suppressing price advances. In other words, $0.08 represents the “make or break” level that will determine BETA’s next major move.
Woo asserts that if BETA can close decisively above this resistance confluence, it signals a major trend reversal and could spark a further price surge. This mirrors what occurred with BOND as it broke out of its own falling wedge pattern.
The trader notes BETA still faces resistance from bearish short-term moving averages on the daily timeframe. However, a break above $0.08 would create enough upside momentum to cross above that resistance.
In summary, traders should keep a close eye on the crucial diagonal resistance zone that has kept BETA pinned down. The technical ingredients are there for an explosive rally if bulls can invalidate that bearish pattern. The coming days will be pivotal in determining if BETA can follow in BOND’s footsteps with a parabolic surge.
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