Router Protocol (ROUTE) has been demonstrating several technical and fundamental signals that point to a highly bullish outlook for the cryptocurrency in 2024. From chart patterns to key partnerships, analysts are making the case for substantial upside in this layer-2 network.
Promising price action
According to crypto trader Thrif, Router Protocol is mirroring the early price action of Polygon (MATIC) during its extended accumulation phase. MATIC traded sideways for two years, building a solid base before breaking out to spectacular gains of nearly 10,000%.
Thrif suggests ROUTE is poised to stage a similarly explosive move after Range-bound Monthly Trends consolidating for over 1.5 years. The chart shows ROUTE testing resistance at $1.15, where a break higher could kickstart a parabolic advance if it follows MATIC’s playbook.
Another analyst, Dctor Giving, notes ROUTE has already broken its downtrend. He points to the weekly timeframe where ROUTE’s technical indicators have turned up after 10 weeks of upside. This implies the bull move has only just begun with plenty of room left to run in coming months.
Strategic Advisors on Board
Fundamentals also appear supportive, with one Twitter user highlighting ROUTE’s connections to major exchange Coinbase. Several of ROUTE’s key investors and advisors are former Coinbase executives or current senior employees there.
For example, a recently launched crypto investment fund counted Coinbase’s former Chief Product Officer and a current Senior Staff Engineer amongst its board of advisors. The user suggests such ties make a Coinbase listing for ROUTE all but inevitable this year. This would significantly expand ROUTE’s access and exposure to new crypto investors.
With bullish technical indicators backing up promising on-chain activity and strategic partnerships, the stage seems set for Router Protocol to mimic MATIC’s meteoric rise. As ROUTE charts its own course to becoming a vital layer-2 scaling solution for Ethereum, exposure via a top-tier exchange would turbocharge adoption and prices. Savvy investors may want to accumulate positions before anticipated listings make entry prohibitively expensive.
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