Binance Coin ($BNB), Near Protocol ($NEAR), and Fantom ($FTM) at brink of breakouts

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As a seasoned researcher with years of experience in the cryptocurrency market, I find myself intrigued by the current state of play for several altcoins. The Total3 chart suggests we might be on the brink of an all-time high, which is an exciting prospect. If confirmed, it would undeniably mark a significant stage in this bull run.

Will they indeed move upward from here?

Total3 heading to all-time high

The Total3 chart shows the aggregate market capitalization of all cryptocurrencies excluding Bitcoin (BTC) and Ethereum (ETH). This makes it an ideal tool for monitoring the performance of altcoins. Currently, we can observe that the bull flag has breached upward, and the downward trendline has been shattered.

Thus far, things are progressing favorably. If Total3 manages to surpass its historic peak of $1.13 trillion, it might signal that we’re entering the climactic, and arguably the most thrilling phase of the bull market run.

$BNB at the edge of breaking out of a 4-year range

Since the commencement of 2021, I’ve noticed that BNB (BNB/USD) has been moving within a broad trading channel. After the conclusion of the 2021 bull market, its price started descending and has been skirting along the lower boundary of this range, approximately around the $200 mark.

2023’s latter half saw the price steadily increasing, nearing the upper limit of its range at approximately $660. Given the extended phase of price stagnation, it wouldn’t be surprising if $BNB surpasses this upper limit and embarks on a new pricing journey.

For the remainder of this bull market, our objectives have been derived from Fibonacci extension ratios as shown in the accompanying graph.

$NEAR at descending trendline once again

$NEAR appears to be on the verge of a significant surge. Jokingly speaking, it’s almost “so close you can taste it,” but in all seriousness, there are strong indications supporting this view. A downward trendline that dates back to early 2022 has reappeared as resistance. However, with the price now hovering above the 0.236 Fibonacci level, a breakout could be imminent.

Should the breakout materialize, the initial goal would shift towards surpassing the upcoming Fibonacci level around $8.53. However, a crucial objective for the NEAR bulls is to propel the price beyond this point and surpass the previous swing high at $9.11. If they manage to accomplish this, it would signify the end of the downtrend, and further upward momentum could be expected.

$FTM currently breaking out

Among the three altcoins examined in this article, only FTM ($FTM) is presently showing a breakout. On a two-week scale, you’ll notice that $FTM currently sits above its downward trendline, but keep in mind that there are still three days remaining before the candle is fully formed.

If FTM manages to stay above its current level by the end of Sunday, and Bitcoin can avoid a major downturn, the FTM bulls will aim to break the all-time high of $3.45. The 1.618 Fibonacci extension would then be their next goal at approximately $5.48.

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2024-11-28 18:29