Amidst the broader market correction as Bitcoin falls 8% to break under the $64,000 mark, the altcoins are taking a critical hit. With the immense sell-off in the crypto market, Coinglass displays a huge number of long positions liquidating, accounting for $349.26M in the last 12 hours.
As the sellers are trying to take over the larger market, some newly launched coins are finding a niche-focused rally. With a bull run turning in a short-term range, these coins are preparing for their next surge. Will they manage to sustain the uptrend and swim against the broader’s bearish wave?
Will ETHFI Price Give A Bullish Break?
Following the jump from $0.230 to the $3.96 mark, the ETHFI price undergoes a short-term consolidation range in the 15 mins chart. As the altcoin is newly launched, the volatility is suspected to peak with the range breakout.
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Hence, the sideline traders expect the bullish range breakout to propel the altcoin’s price higher above the $5 mark. As per the Fibonacci levels, the range is forming between the 50% and 100% Fibonacci level, and the breakout of either level will set the tone for future price trend.
If the ETHFI price breaks above the $4 mark, the Fibonacci levels predict the next junction at $6.628. On the flip side, the bearish breakdown could result in a plunge in altcoin to the $2 mark.
Can Triangle Breakout Fuel This Altcoin’s Rally?
With a bullish breakout of the triangular pattern in the 15-minute chart, SLERF, the newly launched token, shows a rising trend in play. As the altcoin shows a jump from $0.10 to the $1.19 mark, the bulls are maintaining trend control.
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Currently, the SLERF price shows a retest in action as it reverses from the $1.19 mark. This pullback is a retest of the triangle breakout and approaches the 50% Fib level at $0.68. Thus, the price action shows increased bounceback chances.
If the buyers manage to regain the uptrend, then the altcoin price can break $1.19 to $1.87. On the flip side, the meme coin could plunge to $0.40.
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