- ADA targets a 95% gain after breaking its downtrend.
- SEI eyes a 211% rise, and AVAX could surge by 224%.
- AXL aims for a 160% increase with its potential breakout.
Several major cryptocurrencies, including Cardano (ADA), SEI, Avalanche (AVAX), Bittensor (TAO), and Axelar (AX)L, are exhibiting promising signs of bullish breakouts, according to recent analyses by Captain Faibik, crypto market watcher.
These digital assets have been trending downward in recent weeks, but Captain Faibik believes they are ready for significant upward moves.
In an analysis shared on X, Captain Faibik highlighted that Cardano (ADA) has exhibited a falling wedge pattern on the daily timeframe. The analysis suggests that ADA is about to witness a breakout that could reverse its long-standing downtrend. This move signals a potential trend reversal after months of bearish price action.
Faibik expects ADA to rally towards the $0.7306 level should this break occur, offering traders a potential 95.47% gain from its current price of around $0.3798.
Additionally, SEI, the native token of the Sei blockchain, designed to provide high-speed processing for scaling DeFi apps and exchanges, shows strong signs of a bullish reversal.
Captain Faibik’s analysis suggests SEI has been trading within a descending channel, but recent price action suggests a breakout is in sight. The breakout could drive SEI prices up to $1, representing a potential 231% increase from current levels.
Avalanche (AVAX) is also on the verge of a major breakout from a descending wedge pattern. If the breakout holds, AVAX could reach as high as $86.01, delivering a 224.86% upside from its current price of $25.75.
Analyzing TAO, the native token of the Bittensor ecosystem, Captain expressed confidence that a breakout from its descending channel is confirmed.
The breakout, which occurred just above the channel’s upper boundary, suggests that the downward pressure may be easing, paving the way for an all-time high rally. If this breakout holds, Captain Faibik believes TAO could rally towards the $781.04 level, representing a potential 146.28% gain from its current price of $333.08.
Also, Captain Faibik’s analyses extended to Axelar’s AXL token. He noted that the coin also shows signs of breaking out of its descending channel. A successful breakout could see AXL reach a target of $1.5, representing a 160.64% gain from its current price of $0.6028.
These potential breakouts come at a time when the overall crypto market is showing signs of recovery after a bearish period. Bitcoin is currently trading at $61,075.95, having rebounded from a month-low of $49,121.24 on August 5.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
