The cryptocurrency market recently witnessed a sudden surge in buying pressure mostly under the influence of macroeconomic events such as the US debt ceiling deal. Amid this recovery, several crypto coins are getting back on the recovery track to reclaim lost ground. Thus, today we’ll analyze the top cryptocurrencies with a bullish pattern that can offer massive growth amid the anticipated recovery rally of June.
Also Read: Debt Ceiling Deal Blocks 30% Proposed Tax On Crypto Mining, Confirms Congressman
Solana(SOL)
Source- Tradingview
During the last five weeks’ correction phase, the Solana price strictly resonated between two converging trendlines of the wedge pattern. The trendlines gradually closing together reflect the sellers are losing momentum which eventually to buyers retaking trendline control.
Thus, on May 27th, the SOL price gave a massive breakout from the pattern’s resistance trendline indicating a positive switch in market sentiment. As of now, the SOL price trades at $20.5, with an intraday loss of 1.39%.
If the coin price manages to sustain above the breached trendline, the buyers may drive the prices to a possible target of $24 or $26, registering a max gain of 27%.
Chainlink(LINK)
Source- Tradingview
Amid the recent volatile phase in the crypto market, the sideways trend of Chainlink price suitable support at $6.2. Using this level as the base support, the LINK price shows the formation of a double bottom pattern in the daily time frame chart.
This pattern accumulates bullish momentum and often triggers a significant rally upon the breakout of its resistance neckline. Currently, the chainlink price traders $6.59, but under the influence of this pattern, the price should reach the overhead resistance of $6.68.
If buyers could successfully flip this barrier into potential support, this altcoin would rise another 10% to hit the $7.47 mark, followed by $8.5 and $9.5.
Cosmos(ATOM)
Source- Tradingview
In the daily time frame chart, the Cosmos coin shows the formation of a descending triangle pattern. Though in theory, this pattern is a downtrend continuation pattern, the RSI indicator which reflects the momentum of the asset’s recent price is rising higher.
This bullish divergence indicates the underlying bullish momentum is growing, and thus, the ATOM price also holds the possibility to breach the overhead trendline. A bullish breakout from this barrier with a daily candle closing will drive the price 43% higher to hit $15.4.
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