After a period of bearishness, Siacoin (SC) and Chiliz (CHZ) have emerged as top performers, surprising holders with a sudden overnight rally. This surge in momentum has propelled the altcoins up the charts, and analysts are now speculating about their potential for further growth.
Siacoin: A Promising Entry Opportunity
In the past two weeks, SC has experienced a bullish reversal, with the price breaking out of the 23.60% Fibonacci level. This is a significant technical indicator that suggests a potential trend reversal.
The consecutive bullish engulfing candles on the weekly chart indicate strong demand for SC. This is further supported by the rising trading volume, which has increased by 450% in the past two weeks.
With a market cap of $928 million, SC is the 78th largest cryptocurrency. A golden crossover between the 50-day and 200-day EMAs could signal a further trend reversal, leading SC to a potential target of $0.25 in the coming months.
Chiliz: Poised for a New 52-Week High
CHZ has also been a top performer, with a strong rejection candle on the daily chart indicating a bullish trend. The daily chart shows a key resistance trendline that the price is currently battling.
Despite the resistance, the ongoing bull run has given CHZ the momentum to reclaim the 61.80% Fibonacci level at $0.12. This increases the likelihood of a new high formation above the trendline.
CHZ is the 67th largest cryptocurrency, with a market cap of $1.10 billion. The spike in trading volume by 58% overnight supports the bullish surge, presenting a breakout opportunity. If the uptrend surpasses the trendline, CHZ could reach the $0.22 mark.
Conclusion
The surprise rally in Siacoin and Chiliz has caught the attention of analysts and traders. The technical charts and market sentiments suggest that both cryptocurrencies have the potential for further growth. SC could rise to $0.25, while CHZ could reach $0.22 in the coming months.
Disclaimer
The information provided in this article is for informational purposes only and should not be construed as investment advice. Trading cryptocurrencies involves significant risk, and you should always consult with a qualified financial advisor before making any investment decisions.
Author
John Smith is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he’s trading or writing, John always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire.
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