The cryptocurrency market has seen some bullish momentum over the past 24 hours, with two altcoins in particular making notable gains. MyNeighborAlice (ALICE) and Voyager Token (VGX) have experienced price pumps of 25% and 18% respectively in the last day. Let’s take a closer look at the potential catalysts behind these surges.
What you'll learn 👉
MyNeighborAlice Breaks Out
The price of the ALICE token has been pumping after breaking out of a resistance level at $1.4 that had been in place for over a month. While there appears to be no major fundamental news or announcements driving this surge, the recent $150 contest winner announcement could have strengthened trust and interest in the project.
Zooming out, ALICE’s price chart shows a notable uptrend since September 2022, with the token gaining nearly 300% before peaking in mid-March. A subsequent 150% dip followed, bottoming out in mid-April. The recent breakout from the accumulation zone could signal the start of another bullish rally, attracting more optimistic traders to the token.
Voyager Token’s Wedge Breakout
As for Voyager Token (VGX), the surge seems to be driven by technical analysis and anticipation of a larger move. According to analyst Grace Anderson, discussion around the VGX/USDT chart suggests a potential 500% bullish move following a Falling Wedge Pattern breakout.
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Show more +The price of VGX broke out from this pattern yesterday, and it is already retesting the wedge resistance today. If the analysis holds true, the token could potentially spike as high as $0.6 based on the charted predictions.
Breakout Momentum and FOMO
The anticipation of a significant breakout, combined with the initial price movement, could have propelled traders to jump on the bandwagon, pushing prices even higher. The fear of missing out (FOMO) on potential gains often leads to a self-perpetuating cycle, with more buyers entering the market and further driving up prices.
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