Amid escalating concerns over the U.S. government shutdown, the cryptocurrency market unexpectedly rallied during the final week of September. The surge was not uniform across the market; as some of the cryptocurrencies exhibited particularly strong bullish momentum. Given the current positive sentiment, these standout coins could potentially further extend their recovery to new highs.
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GMX Price Analysis: Dual Resistance Breakout Set Upcoming Rally
Source- Tradingview
Amid the recent uptick in the crypto market, the GMX coin price recently concluded a week-long winning streak, lifting its price from a low of $32.97 to a current trading value of $42.53—a notable 26% increase.
In addition, this rally facilitated a definitive breakout above two key resistance levels established on September 28th. The first was the neckline of an inverted head and shoulders pattern, and the second was a longstanding support-turned-resistance trendline that had been directing the previous correction.
Should buyers maintain this trajectory, the GMX price could appreciate by an additional 12.8%, targeting a price of $47.70 before potentially rallying to $61.90.
COMP Price Analysis: Bullish Pattern Hints Break Above $50
Source- Tradingview
Similar to GMX Coin, the Compound coin price showed the formation of an inverted head and shoulders pattern over the last six weeks. On September 28, the asset saw a significant breakout above the pattern’s neckline, recording a 20% intraday gain.
Following a minor pullback, the altcoin is currently priced at $47.23, rekindling its bullish momentum. Sustained buying could propel the asset by another 8%, aiming for the combined resistance at $52 and a longstanding resistance trendline.
A decisive break above this level could signify a strong bullish recovery, potentially driving the price north of $57.
MKR Price Analysis: A Minor Pullback Needed Before the Next Jump
Source- Tradingview
The Maker Coin price has largely traded sideways for over a year, bounded by a support zone at $500 and a resistance level at $1,366. With the recent bullish sentiment, the coin price has surged 23% since last week’s low of $1259 and reached the current trading price of $1544.
This upswing shattered the previous $1,366 resistance, suggesting the commencement of a new bullish cycle. However, the higher price rejection candles around the $1550 hint, the prices may witness a minor pullback to recuperate the exhausted bullish momentum.
Should the coin maintain its position above the recently shattered $1,366 resistance, its upward trajectory could easily break past its $1,600 peak, thereby reinforcing its bullish stance.