Bullish Sentiment Propels Alternate Tokens Amidst Market Uncertainty
- PancakeSwap (CAKE), Astar (ASTR), and Mina (MINA) post double-digit gains in the past 24 hours.
- PancakeSwap’s strategic token burn fuels CAKE price rally.
- Mina price breaks out of bullish pattern, targeting $2.
- ASTR price surge hints at 56% breakout rally.
Global Market Snapshot
The global cryptocurrency market capitalization stands at $1. 65 trillion, exhibiting a slight decline of 0. 23% over the past day.
The total volume of cryptocurrency transactions has increased by 6. 38% in the last 24 hours, reaching $75. 52 billion.
PancakeSwap’s Token Burn Fuels CAKE Price Surge
The PancakeSwap token price has demonstrated resilience amidst the prevailing market consolidation, holding above the $2. 1 mark and continuing its upward trajectory.
Over the past week, the CAKE token has surged by 57%, reaching a current trading price of $3. 37. This surge is accompanied by a significant breakout from a falling wedge pattern.
A key factor driving this surge is the PancakeSwap team’s recent burning of 10. 16 million CAKE tokens, equivalent to about $34 million, on December 26.
Mina Price Breaks Out of Bullish Pattern, Targeting $2
Defying the current market uncertainty, the MINA token has rallied for nine consecutive days, emerging as the highest weekly gainer.
From a low of $0. 675, the coin’s price has surged by nearly 119%, hitting a 20-month high of $1. 486.
Buyers broke through the $1. 26 neckline resistance of the bullish double bottom pattern, indicating increased accumulation from investors.
If the MINA price sustains above the reclaimed support level, it could rally 55% higher to reach $2. 15.
ASTR Price May See 56% Breakout Rally
In line with the prevailing bullish sentiment, the ASTR coin has experienced a remarkable rally since late October.
This surge stems from a double bottom pattern formation and has resulted in a jump from $0. 0385 to $0. 13, representing a 240% increase.
On December 26th, the coin decisively broke out above $0. 116, confirming the bullish pattern.
Under favorable conditions, the post-breakout rally could propel the ASTR price 56% higher to reach $0. 2.
Disclaimer:
The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the official position of any organization or institution.
Cryptocurrency investing involves substantial risk and volatility. Do your own research and consult with financial professionals before making any investment decisions.
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